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2016 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.
Universal Citation: NC Gen Stat § 41-32 (2016)
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;
(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.)
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