2005 North Carolina Code - General Statutes Article 7 - Uniform Vendor and Purchaser Risk Act.

Article 7.

Uniform Vendor and Purchaser Risk Act.

§ 39‑36.� Necessity for actual notice of release or limitation to bind fiduciary.

No fiduciary having possession or control of property over which a power of appointment is exercisable shall be bound or affected by any release or limitation of such power without actual notice thereof. (1943, c. 665, s. 4.)

 

§ 39‑37.� Short title.

This Article may be cited as the Uniform Vendor and Purchaser Risk Act. (1959, c. 514.)

 

§ 39‑38.� Uniformity of interpretation.

This Article shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those states which enact it. (1959, c. 514.)

 

§ 39‑39.� Risk of loss.

Any contract hereafter made in this State for the purchase and sale of realty shall be interpreted as including an agreement that the parties shall have the following rights and duties, unless the contract expressly provides otherwise:

(1)������ If, when neither the legal title nor the possession of the subject matter of the contract has been transferred, all or a material part thereof is destroyed without fault of the purchaser, the vendor cannot enforce the contract, and the purchaser is entitled to recover any portion of the price that he has paid;

(2)������ If, when either the legal title or the possession of the subject matter of the contract has been transferred, all or any part thereof is destroyed without fault of the vendor, the purchaser is not thereby relieved from a duty to pay the price, nor is he entitled to recover any portion thereof that he has paid. (1959, c. 514.)

 

§§ 39‑40 through 39‑43.� Reserved for future codification purposes.