reglab/housing_qa huggingface dataset:
NC Gen Stat § 41-15 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-15 - Statutory rule against perpetuities.

 41-15. Statutory rule against perpetuities.(a) A nonvested property interest is invalid unless:(1) When the interest is created, it is certain to vest or terminate no later than 21 years after the death of an individual then alive; or(2) The interest either vests or terminates within 90 years after its creation.(b) A general power of appointment not presently exercisable because of a condition precedent is invalid unless:(1) When the power is created, the condition precedent is certain to be satisfied or become impossible to satisfy no later than 21 years after the death of an individual then alive; or(2) The condition precedent either is satisfied or becomes impossible to satisfy within 90 years after its creation.(c) A nongeneral power of appointment or a general testamentary power of appointment is invalid unless:(1) When the power is created, it is certain to be irrevocably exercised or otherwise to terminate no later than 21 years after the death of an individual then alive; or(2) The power is irrevocably exercised or otherwise terminates within 90 years after its creation.(d) In determining whether a nonvested property interest or a power of appointment is valid under subdivision (a)(1), (b)(1), or (c)(1) of this section, the possibility that a child will be born to an individual after the individual's death is disregarded.(e) If, in measuring a period from the creation of a property arrangement, language in a governing instrument:(1) Seeks to disallow the vesting or termination of any interest beyond,(2) Seeks to postpone the vesting or termination of any interest until, or(3) Seeks to operate in effect in any similar fashion upon, the later of (i) the expiration of a period of time not exceeding 21 years after the death of the survivor of specified lives in being at the creation of the property arrangement or (ii) the expiration of a period of time that exceeds or might exceed 21 years after the death of the survivor of lives in being at the creation of the property arrangement, that language is inoperative to the extent it produces a period of time that exceeds 21 years after the death of the survivor of the specified lives.  (1995, c. 190, s. 1; 2007-390, s. 2; 2021-85, s. 3(a).)
NC Gen Stat § 41-16 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-16 - When nonvested property interest or power of appointment created.

 41-16. When nonvested property interest or power of appointment created.(a) Except as provided in subsections (b) and (c) of this section and in G.S. 41-19(a), the time for creation of a nonvested property interest or a power of appointment is determined under general principles of property law.(b) For purposes of this Article, if there is a person who alone can exercise a power created by a governing instrument to become the unqualified beneficial owner of (i) a nonvested property interest or (ii) a property interest subject to a power of appointment described in G.S. 41-15(b) or (c), the nonvested property interest or power of appointment is created when the power to become the unqualified beneficial owner terminates.(c) For purposes of this Article, a nonvested property interest or a power of appointment arising from a transfer of property to a previously funded trust or other existing property arrangement is created when the nonvested property interest or power of appointment in the original contribution was created. (1995, c. 190, s. 1.)
NC Gen Stat § 41-17 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-17 - Reformation.

 41-17. Reformation.Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the 90 years allowed by G.S. 41-15(a)(2), 41-15(b)(2), or 41-15(c)(2) if:(1) A nonvested property interest or a power of appointment becomes invalid under G.S. 41-15;(2) A class gift is not invalid under G.S. 41-15, but might become invalid under G.S. 41-15, and the time has arrived when the share of any class is to take effect in possession or enjoyment; or(3) A nonvested property interest that is not validated by G.S. 41-15(a)(1) can vest but not within 90 years after its creation. (1995, c. 190, s. 1.)
NC Gen Stat § 41-18 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-18 - Exclusions from statutory rule against perpetuities.

 41-18. Exclusions from statutory rule against perpetuities.G.S. 41-15 does not apply to any of the following:(1) A nonvested property interest or a power of appointment arising out of a nondonative transfer, except a nonvested property interest or a power of appointment arising out of any of the following:a. A premarital or postmarital agreement.b. A separation or divorce settlement.c. A spouse's election.d. A similar arrangement arising out of a prospective, existing, or previous marital relationship between the parties.e. A contract to make or not to revoke a will or trust.f. A contract to exercise or not to exercise a power of appointment.g. A transfer in satisfaction of a duty of support.h. A reciprocal transfer.(2) A fiduciary's power relating to the administration or management of assets, including the power of a fiduciary to sell, lease, or mortgage property, and the power of a fiduciary to determine principal and income.(3) A power to appoint a fiduciary.(4) A discretionary power of a trustee to distribute principal before termination of a trust to a beneficiary having an indefeasibly vested interest in the income and principal.(5) A nonvested property interest held by a charity, government, or governmental agency or subdivision, if the nonvested property interest is preceded by an interest held by another charity, government, or governmental agency or subdivision.(6) A nonvested property interest in or a power of appointment with respect to a trust or other property arrangement forming part of a pension, profit-sharing, stock bonus, health, disability, death benefit, income deferral, or other current or deferred benefit plan for one or more employees, independent contractors, or their beneficiaries or spouses, to which contributions are made for the purpose of distributing to or for the benefit of the participants or their beneficiaries or spouses the property, income, or principal in the trust or other property arrangement, except a nonvested property interest or a power of appointment that is created by an election of a participant or a beneficiary or spouse.(7) A property interest, power of appointment, or arrangement that was not subject to the common-law rule against perpetuities or is excluded by another statute of this State.(8) A property interest or arrangement subjected to a time limit under G.S. 36C-4-408 or G.S. 36C-4-409.(9) A property interest or arrangement subjected to a time limit under Article 3 of this Chapter, "Time Limits on Options in Gross and Certain Other Interests in Land."(10) A nonvested property interest in or a power of appointment over property or property interests of a trust to which G.S. 41-23 applies.  (1995, c. 190, ss. 1-3; 2021-85, s. 3(b).)
NC Gen Stat § 41-19 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-19 - Prospective application.

 41-19. Prospective application.(a) Except as extended by subsection (b) of this section, this Article applies to a nonvested property interest or a power of appointment that is created on or after October 1, 1995. For purposes of this section, a nonvested property interest or a power of appointment created by the exercise of a power of appointment is created when the power is irrevocably exercised or when a revocable exercise becomes irrevocable.(b) If a nonvested property interest or a power of appointment was created prior to October 1, 1995, and is determined in a judicial proceeding, commenced on or after October 1, 1995, to violate this State's rule against perpetuities as that rule existed before October 1, 1995, a court upon the petition of an interested person may reform the disposition in the manner that most closely approximates the transferor's manifested plan of distribution and is within the limits of the rule against perpetuities applicable when the nonvested property interest or power of appointment was created. (1995, c. 190, s. 1; 1997, c. 456, s. 8.)
NC Gen Stat § 41-20 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-20 - Short title.

 41-20. Short title.This Article may be cited as the Uniform Statutory Rule Against Perpetuities. (1995, c. 190, s. 1.)
NC Gen Stat § 41-21 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-21 - Uniformity of application and construction.

 41-21. Uniformity of application and construction.This Article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this Article among states enacting it. (1995, c. 190, s. 1.)
NC Gen Stat § 41-22 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-22 - Supersession.

 41-22. Supersession.This Article supersedes the rule of the common law known as the rule against perpetuities. (1995, c. 190, s. 1.)
NC Gen Stat § 41-23 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 2 - Uniform Statutory Rule Against Perpetuities.|§ 41-23 - Perpetuities and suspension of power of alienation for trusts.

 41-23. Perpetuities and suspension of power of alienation for trusts.(a) A trust is void if it suspends the power of alienation of trust property, as that term is defined in G.S. 36C-1-103, for longer than the permissible period. The permissible period is no later than 21 years after the death of an individual then alive or lives then in being plus a period of 21 years.(b) If the settlor of a revocable trust, as those terms are defined in G.S. 36C-1-103, has an unlimited power to revoke or amend the trust, the permissible period under subsection (a) of this section is computed from the termination of that power.(c) If a trust is created by exercise of a power of appointment, the permissible period under subsection (a) of this section is computed from the time the power is exercised if the power is a general power even if the power is only exercisable as a testamentary power. In the case of other powers, the permissible period is computed from the time the power is created, but facts at the time the power is exercised shall be considered in determining whether the power of alienation is suspended beyond a life or lives in being at the time of the creation of the power plus 21 years.(d) The power of alienation is suspended only when there are no persons in being who, alone or in combination with others, can convey an absolute fee in possession of land, or full ownership of personal property.(e) Notwithstanding subsection (a) of this section, there is no suspension of the power of alienability by a trust or by equitable interests under a trust if the trustee has the power to sell, either expressed or implied, or if there exists an unlimited power to terminate the trust in one or more persons in being.(f) This section does not apply to a transfer in trust (i) for charitable purposes, as defined in G.S. 36C-4-405; (ii) to a literary or charitable organization; (iii) to a veterans' memorial organization; (iv) to a cemetery corporation, society, or association; or (v) as part of a pension, retirement, insurance, savings, stock bonus, profit sharing, death, disability, or similar plan established by an employer for the benefit of some or all of its employees for the purpose of accumulating and distributing to such employees the earnings or the principal, or both earnings and principal, of the trust.(g) This section does not apply to a future interest other than a future interest in trust and, other than as set forth in this section, this section does not modify the common law of the State regarding the power of alienation in this State.(h) The provisions of G.S. 41-15, the common law rule against perpetuities, and the common law rule against accumulations do not apply to trusts created or administered in this State.  (2007-390, s. 1; 2014-107, s. 5.1; 2017-102, s. 32(a).)
NC Gen Stat § 41-28 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-28 - Definitions.

 41-28. Definitions.As used in this Article:(1) "Nonvested easement in gross" means a nonvested easement which is not created to benefit or which does not benefit the possessor of any tract of land in his or her use of it as the possessor.(2) "Option in gross with respect to an interest in land" means an option in which the holder of the option does not own any leasehold or other interest in the land which is the subject of the option.(3) "Preemptive right in the nature of a right of first refusal in gross with respect to an interest in land" means a preemptive right in which the holder of the preemptive right does not own any leasehold or other interest in the land which is the subject of the preemptive right. (1995, c. 525, s. 1.)
NC Gen Stat § 41-29 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-29 - Options in gross, etc.

 41-29. Options in gross, etc.An option in gross with respect to an interest in land or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land becomes invalid if it is not actually exercised within 30 years after its creation. For purposes of this section, the term "interest in land" does not include arrangements relating solely to an interest in oil, gas, or minerals. (1995, c. 525, s. 1.)
NC Gen Stat § 41-30 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-30 - Leases to commence in the future.

 41-30. Leases to commence in the future.A lease to commence at a time certain or upon the occurrence or nonoccurrence of a future event becomes invalid if its term does not actually commence in possession within 30 years after its execution. For purposes of this section, the term "lease" does not include an oil, gas, or mineral lease. (1995, c. 525, s. 1.)
NC Gen Stat § 41-31 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-31 - Nonvested easements.

 41-31. Nonvested easements.A nonvested easement in gross becomes invalid if it does not actually vest within 30 years after its creation. (1995, c. 525, s. 1.)
NC Gen Stat § 41-32 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-32 - Possibilities of reverter, etc.

 41-32. Possibilities of reverter, etc.(a) Except as otherwise provided in this section:(1) A possibility of reverter preceded by a fee simple determinable;(2) A right of entry preceded by a fee simple subject to a condition subsequent; or(3) An executory interest preceded by either a fee simple determinable or a fee simple subject to an executory limitation;becomes invalid, and the preceding fee simple becomes a fee simple absolute, if the right to vest in possession of the possibility of reverter, right of entry, or executory interest depends on an event or events affecting the use of land and if the possibility of reverter, right of entry, or executory interest does not actually vest in possession within 60 years after its creation.  (b) This section does not apply to a possibility of reverter, right of entry, or executory interest held by a charity, a government or governmental agency or subdivision excluded from the Uniform Statutory Rule Against Perpetuities by G.S. 41-18(5) or to an arrangement relating solely to an interest in oil, gas, or minerals. (1995, c. 525, s. 1.)
NC Gen Stat § 41-33 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.|§ 41-33 - Prospective application.

 41-33. Prospective application.This Article applies only to a property interest or arrangement that is created on or after October 1, 1995. (1995, c. 525, s. 1.)
NC Gen Stat § 41-40 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-40 - Definitions.

 41-40. Definitions.In this Article, unless the context otherwise requires:(1) "Beneficiary form" means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.(2) "Devisee" means any person designated in a will to receive a disposition of real or personal property.(3) "Heirs" means those persons, including the surviving spouse, who are entitled under Chapter 29 of the General Statutes or the statutes of intestate succession of other states to take the property of a decedent by intestate succession.(4) "Person" means an individual, a corporation, an organization, or other legal entity.(5) "Personal representative" includes executor, administrator, collector, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.(6) "Property" includes both real and personal property or any interest in real or personal property and means anything that may be the subject of ownership.(7) "Register", including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.(8) "Registering entity" means a person who originates or transfers a security title by registration and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.(9) "Security" means a share, participation, or other interest in property, a business, or an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, a security account, and a security entitlement as defined in G.S. 25-8-102.(10) "Security account" means (i) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death, or (ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.(11) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. (2005-411, s. 1.)
NC Gen Stat § 41-41 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-41 - Registration in beneficiary form; sole or joint tenancy ownership.

 41-41. Registration in beneficiary form; sole or joint tenancy ownership.Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more individuals with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common. (2005-411, s. 1.)
NC Gen Stat § 41-42 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-42 - Registration in beneficiary form; applicable law.

 41-42. Registration in beneficiary form; applicable law.A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law. (2005-411, s. 1.)
NC Gen Stat § 41-43 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-43 - Origination of registration in beneficiary form.

 41-43. Origination of registration in beneficiary form.A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners. (2005-411, s. 1.)
NC Gen Stat § 41-44 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-44 - Form of registration in beneficiary form.

 41-44. Form of registration in beneficiary form.Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner or owners and before the name of a beneficiary. (2005-411, s. 1.)
NC Gen Stat § 41-45 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-45 - Effect of registration in beneficiary form.

 41-45. Effect of registration in beneficiary form.The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership of the security until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then-surviving owners, without the consent of the beneficiary. (2005-411, s. 1.)
NC Gen Stat § 41-46 (2021)
2021 North Carolina General Statutes|Chapter 41 - Estates|Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.|§ 41-46 - Ownership on death of owner.

 41-46. Ownership on death of owner.On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survive the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners. (2005-411, s. 1.)