North Carolina General Statutes 41-29. Options in gross, etc
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Terms Used In North Carolina General Statutes 41-29
- Option in gross with respect to an interest in land: means an option in which the holder of the option does not own any leasehold or other interest in the land which is the subject of the option. See North Carolina General Statutes 41-28
- Preemptive right in the nature of a right of first refusal in gross with respect to an interest in land: means a preemptive right in which the holder of the preemptive right does not own any leasehold or other interest in the land which is the subject of the preemptive right. See North Carolina General Statutes 41-28
An option in gross with respect to an interest in land or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land becomes invalid if it is not actually exercised within 30 years after its creation. For purposes of this section, the term “interest in land” does not include arrangements relating solely to an interest in oil, gas, or minerals. (1995, c. 525, s. 1.)