NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

CHAPTER 522

SENATE BILL 755

AN ACT TO AMEND G.S. 136-104 TO ALLOW LIFE TENANTS TO TAKE THE PRESENT VALUE OF THEIR LIFE ESTATES OUT OF CONDEMNATION DEPOSITS AND FINAL JUDGMENT AWARDS.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 136-104, as the same appears in the 1974 Replacement Volume 3B of the General Statutes, is hereby amended by inserting a new paragraph following that paragraph ending in the word "therein." in line 14 and preceding the paragraph beginning with the word "On" in line 15 to read:

"Where there is a life estate and a remainder either vested or contingent, in lieu of the investment of the proceeds of the amount determined and awarded as just compensation to which the life tenant would be entitled to the use during the life estate, the court may in its discretion order the value of said life tenant's share during the probable life of such life tenant be ascertained as now provided by law and paid directly to the life tenant out of the final award as just compensation established by the judgment in the cause and the life tenant may have the relief provided for in G.S. 136-105."

Sec. 2.  This act shall apply to all pending condemnation proceedings in which the final award or judgment has not been entered and shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 10th day of June, 1975.