A BILL TO BE ENTITLED
AN ACT TO MAKE AMENDMENTS RELATING TO THE NORTH CAROLINA COMMERCIAL RECEIVERSHIP ACT, the validity of notarial acts, and certain statutes affecting real property.
The General Assembly of North Carolina enacts:

PART I. AMENDMENTS RELATING TO NC COMMERCIAL RECEIVERSHIP ACT
SECTION 1.  G.S. 1‑502 reads as rewritten:
"§ 1‑502.  In what cases appointed.
A receiver may be appointed in any of the following cases:
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SECTION 2.  G.S. 1‑507.20 reads as rewritten:
"§ 1‑507.20.  Short title; definitions.
(a)	Short Title. – This Article may be cited as the North Carolina Commercial Receivership Act.
(b)	Definitions. – The following definitions apply throughout this Article:
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(5)	Court. – The superior or district court in which the receivership is pending, except that in the case of a receiver appointed to partition real property pursuant to G.S. 46A‑28, the term shall mean the clerk of superior court that has jurisdiction over the receiver and the receivership.
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(16)	Insider. – As to any person, includes the following:
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d.	An affiliate, or insider of an affiliate, as if the affiliate were the person.
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(24)	Property. – All of the debtor's right, title, and interest, both legal and equitable, in real and personal property, regardless of the manner by which any of it was or is acquired. The term includes any proceeds, products, offspring, rents, or profits of or from the property. The term does not include (i) any power that the debtor may exercise solely for the benefit of another person, (ii) a power of withdrawal exercisable by the debtor over property of a trust for which the debtor is not the settlor, to the extent that the power is not subject to the claims of the debtor's creditors pursuant to G.S. 36C‑5‑505(b), or (iii) if the debtor is an individual, any real property owned jointly by the debtor and the debtor's spouse that is held by them as a tenancy by the entireties, unless the debtor's spouse is also a debtor in the receivership and there is a joint debt owed to one or more creditors.
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(27)	Receivership property. – In the case of a general receivership, all or substantially all of the nonexempt property of the debtor, or in the case of a limited receivership, the property of the debtor identified in the order appointing the receiver, or in any subsequent order, and, in each case, except for the debtor's property that is wholly exempt from the enforcement of claims of creditors pursuant to applicable law, including without limitation, pursuant to G.S. 1‑362, 1C‑1601(a), 1C‑1602, 25C‑4, 30‑15, 30‑17, 131E‑91(d)(5), and 135‑9. Receivership property in a general receivership of an individual business debtor, however, does not include (i) the principal residence of the individual business debtor if the value of the principal residence is less than the combined amount of all liens and all rights of redemption and allowed claims of exemption in the principal residence and (ii) any consumer good if the value of the consumer good is less than the combined amount of all liens and all rights of redemption and allowed claims of exemption in the consumer good.
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SECTION 3.  G.S. 1‑507.24 reads as rewritten:
"§ 1‑507.24.  Appointment of receivers; receivership not a trust.
(a)	Action in Which Receivers Appointed. – A receiver may be appointed under this Article by the filing of a civil action by a creditor or other party in interest in which the sole relief requested is the appointment of a receiver or is combined with, or is ancillary to, a civil action that seeks a money judgment or other relief, or in the case of a limited receivership, is part of a power of sale or judicial foreclosure proceeding. However, in the case of an individual business debtor, a creditor to whom only consumer debt is owing shall not file a civil action or motion to appoint a receiver for the individual business debtor. If the debtor files the complaint commencing a civil action in which the sole relief requested is the appointment of a receiver, then no summons under Rule 4 of the North Carolina Civil Rules of Procedure shall be necessary and the title of the action required by Rule 10 of the North Carolina Civil Rules of Procedure shall be:
"In re: ___________ [name of debtor]".
(b)	Appointment by Judge. – Either a judge of the Superior Court Division or the District Court Division may appoint a receiver for a debtor that is an individual business debtor. Only a judge of the Superior Court Division may appoint a receiver for an entity. Once a receiver is appointed, the following provisions apply:
(1)	If a receiver is appointed for an individual business debtor or if a limited receiver is appointed for an entity, the clerk shall provide a copy of the order appointing the receiver to the senior resident superior court judge or the chief district court judge for the court in which the receivership is pending. If the receivership is pending in the Superior Court Division, the senior resident superior court judge for the court in which the receivership is pending shall designate either one of the resident judges for the court in which the receivership is pending, or one of the nonresident judges of the Superior Court Division then assigned to the district in which the receivership is pending, to be the presiding judge over the receiver and the receivership. The presiding judge shall retain jurisdiction and supervision of the receiver and the receivership until the receivership is terminated and the receiver discharged pursuant to G.S. 1‑507.37, or until the senior resident superior court judge enters an order transferring jurisdiction and supervision of the receiver to another superior court judge. The judge of the Superior Court Division so designated shall retain jurisdiction and supervision notwithstanding the judge's rotation out of the district. If the receivership is pending in the District Court Division, the chief district court judge for the court in which the receivership is pending shall designate one of the judges of the District Court Division to retain jurisdiction and supervision of the receiver and the receivership until the receivership is terminated and the receiver is discharged pursuant to G.S. 1‑507.37, or until the chief district court judge enters an order transferring jurisdiction and supervision of the receiver to another district court judge.
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This subsection does not apply to the appointment of a receiver in a pending action to partition real property pursuant to G.S. 46A‑28.
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(e)	Receiver for Entities and Individual Business Debtors. – In addition to those situations specifically provided for by law, a limited or general receiver may be appointed when an entity or an individual business debtor meets any of the following criteria:
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(8)	The person is the subject of an action to dissolve the person.
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(k)	Bad Faith Filing. – If the court denies a motion to appoint a receiver for an individual business debtor other than on consent of the party or parties seeking the appointment of the receiver and the debtor, and if the debtor does not waive the right to judgment under this subsection, the court may grant judgment against the party or parties seeking the appointment of the receiver for any damages proximately caused by the filing, including costs and reasonable attorneys' fees, and punitive damages, if the court determines, after notice and hearing, that the motion was filed in bad faith."
SECTION 4.  G.S. 1‑507.30 reads as rewritten:
"§ 1‑507.30.  Duties of debtor.
(a)	Duties. – In addition to those duties conferred by statute or order of the court, the debtor has the following duties:
(1)	To assist and cooperate fully with the receiver in the administration of the receivership and the receivership property and the discharge of the receiver's duties and to comply with all rules and orders of the court.
(2)	To deliver to the receiver, immediately upon the receiver's appointment and demand, all of the receivership property in the debtor's possession, custody, or control, including all books and records, electronic data, passwords, access codes, statements of accounts, deeds, titles or other evidence of ownership, financial statements, financial and lien information, bank account statements, and all other papers and documents related to the receivership property.
(3)	To supply to the receiver information as requested relating to the administration of the receivership and the receivership property, including information necessary to complete any reports or other documents that the receiver may be required to file.
(4)	To remain responsible for the filing of all tax returns, including those returns applicable to periods which include those in which the receivership is in effect, except as otherwise ordered by the court.
(b)	Debtor Not Individual. – If the debtor is not an individual, this section applies to each officer, director, manager, member, partner, trustee, or other person exercising or having the power to exercise control over the affairs of the debtor immediately before the appointment of the receiver.
(c)	Enforcement. – If a person knowingly fails to perform a duty imposed by this section, the court may (i) compel the person to comply with that duty, (ii) award the receiver actual damages caused by the person's failure and reasonable attorneys' fees and costs, and (iii) sanction the person for civil contempt."
SECTION 5.  G.S. 1‑507.40 reads as rewritten:
"§ 1‑507.40.  Turnover of receivership property.
(a)	Demand by Receiver. – Except as expressly provided in this section, and unless otherwise ordered by the court, upon demand by a receiver: (i) subject to subsection (b) of this section, any person shall turn over to the receiver any receivership property that is within the possession, custody, or control of that person and (ii) any person that owes a debt that is receivership property and is matured or payable on demand or on order shall pay the debt to or on the order of the receiver, except to the extent that the debt is subject to setoff or recoupment.
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(c)	Turnover Motion by Receiver. – A receiver may seek to compel turnover of receivership property required by clause (i) of subsection (a) of this section by motion in the receivership. If there exists a bona fide dispute with respect to the existence or nature of the receiver's or the debtor's interest in the receivership property, turnover shall be sought by means of an action under G.S. 1‑507.38. Unless a bona fide dispute exists about a receiver's right to possession, custody, or control of receivership property, the court may sanction as civil contempt a person's failure to turn over the property when required by this section.
(d)	Payment Only to Receiver. – A person that has notice of the appointment of a receiver and owes a debt that is receivership property shall not satisfy the debt by payment to the debtor."
SECTION 6.  G.S. 1‑507.42 reads as rewritten:
"§ 1‑507.42.  Stays.
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(f)	Inapplicability of Stay. – The entry of an order appointing a receiver does not operate as a stay of any of the following:
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(9)	Any other exception as provided in United States Code, Title 11, § 362(b), as to the automatic stay in federal bankruptcy cases in effect from time to time.
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(h)	Enforcement. – If a person knowingly violates a stay under this section, the court may award actual damages caused by the violation, reasonable attorneys' fees, and costs and may sanction the violation as civil contempt."
SECTION 7.  G.S. 46A‑28 reads as rewritten:
"§ 46A‑28.  Court's authority to make orders before final determination of proceeding; notice and hearing.
(a)	Before final determination of a proceeding to partition real property, on application of any of the parties, the court may make any orders that it finds to be in the best interest of the parties, including, but not limited to, orders relating to possession, payment of secured debt or other liens on the property, occupancy and payment of rents, the appointment of a receiver pursuant to G.S. 1‑502(6) or a limited receiver for the real property pursuant to Article 38A of Chapter 1 of the General Statutes, and access to the property for the purpose of inspecting, surveying, appraising, or selling the property.
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SECTION 8.  G.S. 53C‑9‑401 reads as rewritten:
"§ 53C‑9‑401.  Article relating to receivers applicable to insolvent banks.
Article 38A of Chapter 1 of the General Statutes, relating to receivers, when not inconsistent with the provisions of this Article, applies to the liquidation of banks under this Article."

PART II. AMENDMENTS affecting the validity of notarial acts
SECTION 9.(a)  G.S. 10B‑65 reads as rewritten:
"§ 10B‑65.  Acts of notaries public in certain instances validated.
(a)	Any acknowledgment taken and any instrument notarized by a person prior to qualification as a notary public but after commissioning or recommissioning as a notary public, or by a person whose notary commission has expired, is validated. The acknowledgment and instrument have the same legal effect as if the person qualified as a notary public at the time the person performed the act.
(b)	All documents bearing a notarial seal and that contain any of the following errors are validated and given the same legal effect as if the errors had not occurred:
(1)	The date of the expiration of the notary's commission is stated, whether correctly or erroneously.
(2)	The notarial seal does not contain a readable impression of the notary's name, contains an incorrect spelling of the notary's name, or does not bear the name of the notary exactly as it appears on the commission, as required under G.S. 10B‑37.
(3)	The notary's signature does not comport exactly with the name on the notary commission or on the notary seal, as required by G.S. 10B‑20.
(4)	The notarial seal contains typed, printed, drawn, or handwritten material added to the seal, fails to contain the words "North Carolina" or the abbreviation "NC", or contains correct information except that instead of the abbreviation for North Carolina contains the abbreviation for another state.
(5)	The date of the acknowledgement, the verification or proof, or the oath or affirmation states the correct day and month but lacks a year or states an incorrect year.
(c)	All deeds of trust in which the notary was named in the document as a trustee only are validated.
(d)	All notary acknowledgments performed before July 1, 2013, bearing a notarial seal are validated.
(e)	This section applies to notarial acts performed on or before April 1, 2021."
SECTION 9.(b)  G.S. 10B‑69 reads as rewritten:
"§ 10B‑69.  Official forms cured.
(a)	The notarial certificate contained in a form issued by a State agency prior to April 1, 2021, is deemed to be a valid certificate so long as the certificate complied with the law at the time the form was issued.
(b)	The notarization using a certificate under subsection (a) of this section is deemed valid if executed in compliance with the law at the time the form was issued."
SECTION 9.(c)  G.S. 10B‑71 reads as rewritten:
"§ 10B‑71.  Certain notarial acts validated when recommissioned notary failed to again take oath.
Any acknowledgment taken and any instrument notarized by a person who after recommissioning failed to again take the oath as a notary public is validated. The acknowledgment and instrument have the same legal effect as if the person qualified as a notary public at the time the person performed the act. This section applies to notarial acts performed on or after May 15, 2004, and before April 1, 2021."
SECTION 9.(d)  G.S. 47‑48 reads as rewritten:
"§ 47‑48.  Clerks' and registers of deeds' certificate failing to pass on all prior certificates.
When it appears that the clerk of the superior court, register of deeds, or other officer having the power to probate or certify deeds, in passing upon deeds or other instruments, and related certificates, consisting of more than one certificate of the same or a different date by other officer or officers taking acknowledgment or probating the certificates, has in his or her certificate or order mentioned only one or more of the preceding or foregoing certificates or orders, but not all of them, but has admitted the same deed or other instrument to probate or recordation, it is conclusively presumed that all the certificates of the deed or instrument necessary for probate or recordation have been passed upon, and the certificate of the clerk, register of deeds, or other probating or certifying officer is deemed sufficient and the probate, certification, and recordation of the deed or instrument is valid for all intents and purposes. This section applies to all instruments recorded in any county of this State prior to April 1, 2021."
SECTION 9.(e)  G.S. 47‑51 reads as rewritten:
"§ 47‑51.  Official deeds omitting seals.
All deeds executed prior to April 1, 2021, by any sheriff, commissioner, receiver, executor, executrix, administrator, administratrix, or other officer authorized to execute a deed by virtue of office or appointment, in which the officer has omitted to affix a seal after the officer's signature, are not invalid on account of the omission of the seal."
SECTION 9.(f)  G.S. 47‑53 reads as rewritten:
"§ 47‑53.  Probates omitting official seals, etc.
If the acknowledgment, private examination, or other proof of the execution of any deed, mortgage, or other instrument authorized or required to be registered has been taken by or before any commissioner of affidavits and deeds of this State, clerk or deputy clerk of a court of record, or notary public of this or any other state, territory, or district, and the deed, mortgage, or other instrument has been recorded in any county in this State, but the commissioner, clerk, deputy clerk, or notary public omitted to attach his or her official or notarial seal to it, or if omitted, to insert his or her name in the body of the certificate, or if omitted, to sign his or her name to the certificate, if the name of the officer appears in the body of the certificate or is signed to it, or it does not appear of record that the seal was attached to the original deed, mortgage, or other instrument, or the commissioner, clerk, deputy clerk, or notary public has certified the certificate as under his or her "official seal," or "notarial seal," or words of similar import, and no such seal appears of record or where the officer uses "notarial" in his or her certificate and signature shows that "C.S.C.," or "clerk of superior court," or similar exchange of capacity, and the word "seal" follows the signature, then all such acknowledgments, private examinations or other proofs of such deeds, mortgages, or other instruments, and their registration are in all respects valid and binding. This section applies to acknowledgments, private examinations, or proofs taken prior to April 1, 2021. This section does not apply to pending litigation."
SECTION 9.(g)  G.S. 47‑53.1 reads as rewritten:
"§ 47‑53.1.  Acknowledgment omitting seal of clerk or notary public.
If any person has taken an acknowledgment as either a notary public or a clerk of a superior court, deputy clerk of a superior court, or assistant clerk of a superior court and has failed to affix his or her seal and this acknowledgment has been otherwise duly probated and recorded, then this acknowledgment is sufficient and valid. This section applies only to those deeds and other instruments acknowledged prior to April 1, 2021."
SECTION 9.(h)  G.S. 47‑72 reads as rewritten:
"§ 47‑72.  Corporate name not affixed, but signed otherwise prior to April 1, 2021.
In all cases prior to April 1, 2021, where any deed conveying lands purported to be executed by a corporation, but the corporate name was in fact not affixed to the deed, but the deed was signed by the president and secretary of the corporation, or by the president and two members of the governing body of the corporation, and the deed has been registered in the county where the land conveyed by the deed is located, the defective execution is in all respects valid, and the deed is deemed in all respects the deed of the corporation."
SECTION 9.(i)  G.S. 47‑97 reads as rewritten:
"§ 47‑97.  Validation of corporate deed with mistake as to officer's name.
In all cases where the deed of a corporation executed before April 1, 2021, is properly executed, properly recorded and there is error in the probate of the corporation's deed as to the name or names of the officers in the probate, the deed has the same force and effect as if the probate were in every way proper."
SECTION 9.(j)  G.S. 47‑97.1 reads as rewritten:
"§ 47‑97.1.  Validation of corporate deeds containing error in acknowledgment or probate.
In all cases where the deed of a corporation executed and filed for registration prior to April 1, 2021, is properly executed and properly recorded, and there is error in the acknowledgment or probate of the corporation's deed as to the name or names of the officer or officers named and error as to the title or titles of the officer or officers named, the deed has the same force and effect as if the probate or acknowledgment were in every way proper."
SECTION 9.(k)  G.S. 47‑108.6 reads as rewritten:
"§ 47‑108.6.  Validation of certain conveyances of foreign dissolved corporations.
In all cases when, prior to April 1, 2021, any dissolved foreign corporation has, prior to its dissolution, by deed of conveyance purported to convey real property in this State, and the instrument recites a consideration, is signed by the proper officers in the name of the corporation, sealed with the corporate seal and duly registered in the office of the register of deeds of the county where the land described in the instrument is located, but there is error in the attestation clause and acknowledgment in failing to identify the officers signing the deed and to recite that authority was duly given and that it was the act of the corporation, the deed has the same force and effect as if the attestation clause and acknowledgment were in every way proper."
SECTION 9.(l)  G.S. 47‑108.11 reads as rewritten:
"§ 47‑108.11.  Validation of recorded instruments where seals have been omitted.
In all cases of any deed, deed of trust, mortgage, lien, or other instrument authorized or required to be registered in the office of the register of deeds of any county in this State, where it appears of record or it appears that from the instrument, as recorded in the office of the register of deeds of any county in the State, that there has been omitted from the recorded or registered instrument the word "seal" or "notarial seal" and that any of the recorded or registered instruments shows or recites that the grantor or grantors "have hereunto fixed or set their hands and seals" and the signature of the grantor or grantors appears without a seal thereafter or on the recorded or registered instrument or in all cases where it appears there is an attesting clause that recites "signed, sealed and delivered in the presence of," and the signature of the grantor or grantors appears on the recorded or registered instrument without any seal appearing thereafter or of record, then all such deeds, mortgages, deeds of trust, liens, or other instruments, and their registration in the office of the register of deeds, are in all respects valid and binding and are in all respects valid and binding to the same extent as if the word "seal" or "notarial seal" had not been omitted, and the registration and recording of the instruments in the office of the register of deeds in any county in this State are valid, proper, legal, and binding registrations.
This section does not apply in any respect to any instrument recorded or registered subsequent to April 1, 2021, or to pending litigation or to any instruments now directly or indirectly involved in pending litigation."
SECTION 9.(m)  G.S. 47‑108.20 reads as rewritten:
"§ 47‑108.20.  Validation of certain recorded instruments that were not acknowledged.
All instruments recorded before April 1, 2021, that were not reexecuted and reacknowledged and that correct an obvious typographical or other minor error in a recorded instrument that was previously properly executed and acknowledged are valid instruments."
SECTION 10.  G.S. 10B‑72 is repealed.
SECTION 11.  G.S. 47‑2.2 reads as rewritten:
"§ 47‑2.2.  Notary public of sister state; lack of seal or stamp or expiration date of commission.
(a)	If the proof or acknowledgment of any instrument is had before a notary public of any state other than North Carolina and the instrument does not (i) show the seal or stamp of the notary public, (ii) provide evidence pursuant to subsection (b) of this section that a seal or stamp is not required and the expiration date of the commission of the notary public, or (iii) state, as part of the proof or acknowledgement or as part of the notary's seal, that the notary's commission does not expire or is a lifetime appointment, then the certificate of proof or acknowledgment made by the notary public shall be accompanied by the certificate of the county official before whom the notary qualifies for office or of a state officer authorized to issue certificates regarding notary commission status, stating that the notary public was at the time the certificate bears date an acting notary public of that state, and that the notary's genuine signature is set to the certificate. The certificate of the official shall be under the official's hand and official seal.
(b)	A proof or acknowledgement that does not require a seal or stamp of the notary to be effective in the jurisdiction issuing the notary's commission shall include either (i) a statement by the notary within the proof or acknowledgement area of the instrument that the notary is not required to utilize a seal or stamp or (ii) a reference that purports to be the statute of the commissioning state which provides that no seal or stamp is required together with a statement that the notary is not required to utilize a seal or stamp. The register of deeds may rely upon this statement and is not responsible for confirming its validity or the authority of the person making it. A register of deeds shall not refuse to accept a record for registration because a notarial seal or stamp is omitted from the proof or acknowledgement if this subsection has been complied with in the proof or acknowledgement. The acceptance of a record for registration under this subsection gives rise to a presumption that the seal or stamp was not required to be affixed by the notary. This presumption is rebuttable and applies to all instruments whenever recorded. However, a court order finding the lack of a valid seal does not affect the rights of a person that (i) records an interest in the real property described in the instrument before the finding of a lack of a valid seal and (ii) would otherwise have an enforceable interest in the real property."
SECTION 12.  G.S. 47‑37.1 reads as rewritten:
"§ 47‑37.1.  Other forms of proof.
(a)	The proof and acknowledgment forms set forth in this Article are not exclusive. Without regard to whether an instrument presented for registration was signed by an individual acting in his or her own right or by an individual acting in a representative or fiduciary capacity, a notarial certificate that complies with the provisions of Part 6 of Article 1 or Part 5 of Article 2 of Chapter 10B of the General Statutes is deemed a sufficient form of probate or acknowledgment for purposes of this Chapter. Use of a notarial certificate that satisfies the requirements of Part 6 of Article 1 or Part 5 of Article 2 of Chapter 10B of the General Statutes is not a ground for a register of deeds to refuse to accept a record for registration.
(b)	When an instrument presented for registration purports to be signed by an individual in a representative or fiduciary capacity, the acknowledgment or proof of that individual's signature may do any of the following:
(1)	State that the individual signed the instrument in a representative or fiduciary capacity.
(2)	State that the individual who signed the instrument in a representative or fiduciary capacity had authority to do so.
(3)	Identify the represented person or the fiduciary capacity.
(c)	This section relates only to the form of proof or acknowledgment. The capacity and authority of the individual who signs an instrument presented for registration are governed by other provisions of law.
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PART III. AMENDMENTS affecting real property
SECTION 13.  G.S. 41‑56 reads as rewritten:
"§ 41‑56.  Creation of tenancy by the entirety.
(a)	Unless a contrary intention is expressed in the conveyance, a conveyance of real property, or any interest in real property, to spouses vests title in them as tenants by the entirety when the conveyance is to one of the following:
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(b)	A conveyance by a grantor of real property, or any interest in real property, to the grantor and his or her spouse vests the property in them as tenants by the entirety, unless a contrary intention is expressed in the conveyance. The joinder of a spouse in a conveyance made by the grantor under this subsection is not necessary, but the conveyance is subject to the provisions of G.S. 52‑10 or G.S. 52‑10.1, except acknowledgement of the spouse of the grantor is not necessary.
(c)	When an individual owns an undivided interest in real property as a tenant in common with some individual or individuals other than his or her spouse and there occurs an actual partition of the property, a tenancy by the entirety may be created in the individual who owned the undivided interest and his or her spouse as follows:
(1)	In a division by crossdeed or deeds between or among the tenants in common, if the instrument contains both of the following:
a.	The intent of the tenant in common to create a tenancy by the entirety with his or her spouse in this exchange of deeds is clearly stated in the granting clause of the deed or deeds to the tenant in common and his or her spouse.
b.	The deed or deeds to the tenant in common and his or her spouse is signed by the tenant in common and is acknowledged before a certifying officer in accordance with G.S. 52‑10.
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(d)	When spouses become co‑owners of a mobile home, in the absence of a contrary intention appearing in the instrument of title, the spouses become tenants by the entirety with all the incidents of an estate by the entirety in real property, including the right of survivorship in the case of death of either spouse. For the purposes of this subsection, it is immaterial whether the property at any particular time is classified for any purpose as either real or personal. Nothing in this subsection is deemed to limit or prohibit any other type of ownership otherwise authorized by law. For the purposes of this subsection, the term "mobile home" means a portable manufactured housing unit designed for transportation on its own chassis and placement on a temporary or semipermanent foundation having a measurement of over 32 feet in length and over eight feet in width. As used in this subsection, the term "mobile home" also means a double‑wide mobile home consisting of two or more portable manufactured housing units that are designed for transportation on their own chassis and are connected on site for placement on a temporary or semipermanent foundation having a measurement of over 32 feet in length and over eight feet in width."
SECTION 14.  G.S. 41‑75 reads as rewritten:
"§ 41‑75.  Inapplicability of Article.
This Article does not apply to any of the following:
(1)	Executors or trustees in their representative capacity.
(2)	Partnerships governed by Chapter 59 of the General Statutes.
(3)	Business entities.
(4)	Accounts established under G.S. 41‑2.1 or G.S. 41‑2.2 to the extent inconsistent with the provisions of this Article.
(5)	Life estates."
SECTION 15.  G.S. 47‑18 reads as rewritten:
"§ 47‑18.  Conveyances, contracts to convey, options and leases of land.
(a)	No (i) conveyance of land, (ii) contract to convey, (iii) option to convey, (iv) lease of land for more than three years, (v) right of first refusal, (vi) right of first offer, or (vii) option to purchase is valid to pass any property interest as against lien creditors or purchasers for a valuable consideration from the donor, bargainor, or lessor but from the time of its registration in the county where the land lies, or if the land is located in more than one county, then in each county where any portion of the land lies to be effective as to the land in that county. Unless otherwise stated either on the registered instrument or on a separate registered instrument duly executed by the party whose priority interest is adversely affected, (i) instruments registered in the office of the register of deeds have priority based on the order of registration as determined by the time of registration, and (ii) if instruments are registered simultaneously, then the instruments are presumed to have priority determined as follows:
(1)	The earliest document number set forth on the registered instrument.
(2)	The sequential book and page number set forth on the registered instrument if no document number is set forth on the registered instrument.
The presumption created by this subsection is rebuttable.
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SECTION 16.  G.S. 93A‑12 reads as rewritten:
"§ 93A‑12.  Disputed monies.
(a)	An escrow agent may deposit with the clerk of court in accordance with this section monies, other than a residential security deposit, the ownership of which are in dispute and that were received while the escrow agent was acting in a fiduciary capacity.
(b)	The disputed monies shall be deposited with the clerk of court in the county in which the property for which the disputed monies are being held is located. At the time of depositing the disputed monies, the escrow agent shall certify to the clerk of court that the persons claiming ownership of the disputed monies have been notified in accordance with subsection (c) of this section that the disputed monies are to be deposited with the clerk of court and that the persons may initiate a special proceeding with the clerk of court to recover the disputed monies.
(c)	Notice to the persons claiming ownership to the disputed monies required under subsection (b) of this section shall be provided by delivering a copy of the notice to the person or by mailing it to the person by first‑class mail, postpaid, properly addressed to the person at the person's last known address.
(d)	An escrow agent shall not deposit disputed monies with the clerk of court until 90 days following notification of the persons claiming ownership of the disputed monies.
(e)	Upon the filing of a special proceeding to recover the disputed monies, the clerk shall determine the rightful ownership of the monies and distribute the disputed monies accordingly. If no special proceeding is filed with the clerk of court within one year of the disputed monies being deposited with the clerk of court, the disputed monies shall be deemed unclaimed and shall be delivered by the clerk of court to the State Treasurer in accordance with the provisions of Article 4 of Chapter 116B of the General Statutes.
(f)	For the purposes of this section, an escrow agent is defined as a real estate broker licensed under this Chapter, a title insurance company or title insurance agent licensed to conduct business in this State, or an attorney licensed to practice law in this State."
SECTION 17.  Section 5 of S.L. 2017‑110 reads as rewritten:
"SECTION 5.  This act becomes effective August 31, 2018, and applies to instruments filed on or after that date."

PART IV. EFFECTIVE DATE
SECTION 18.  Parts II and III of this act become effective October 1, 2021. The remainder of this act is effective when it becomes law.