North Carolina General Statutes 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 N.C. Gen. Stat. § 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 N.C. Gen. Stat. § 41-15;
(2) A class gift is not invalid under N.C. Gen. Stat. § 41-15, but might become invalid under N.C. Gen. Stat. § 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 N.C. Gen. Stat. § 41-15(a)(1) can vest but not within 90 years after its creation. (1995, c. 190, s. 1.)
Terms Used In North Carolina General Statutes 41-17
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3