GENERAL ASSEMBLY OF NORTH CAROLINA

 SESSION 2011

S                                                                                                                                                     1

SENATE BILL 838

 

 

Short Title:        Technical Change/Exempt Property Form.		(Public)
Sponsors:	Senator Hartsell.
Referred to:	Finance.

May 22, 2012

A BILL TO BE ENTITLED

AN ACT TO MAKE conforming CHANGES TO THE STATUTORY FORM SET FORTH IN G.S. 1C‑1603 SO THAT THE FORM CORRESPONDS WITH THE SUBSTANCE OF G.S. 1C‑1601, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 1C‑1603(c) reads as rewritten:

"(c)       Statement by the Debtor. – When proceedings are instituted, the debtor shall file with the court a schedule of:

(1)        The debtor's assets, including their location;

(2)        The debtor's debts and the names and addresses of the debtor's creditors;

(3)        The property that the debtor desires designated as exempt.

The form for the statement shall be substantially as follows:

…

15. That I wish to claim the following property as exempt because either:

(1)        I am entitled to claim a residential exemption of up to thirty-five thousand dollars ($35,000) under section (8) above but claimed residential real or personal property as exempt that is worth less than $35,000that amount;

(2)        I am entitled to claim a residential exemption of up to sixty thousand dollars ($60,000) under section (8) above but claimed residential real or personal property as exempt that is worth less than that amount; or

(3)        I made no claim for a residential exemption under section (8) above.

I understand that I am entitled to an exemption of up to $5,000 in any property only if (i) I made no claim under section (8) above or above; (ii) I am entitled to claim up to thirty-five thousand dollars ($35,000) a claim that was less than $35,000 under section (8) above.above and I made a claim that was less than that amount; or (iii) I am entitled to claim up to sixty thousand dollars ($60,000) under section (8) above and I made a claim that was less than that amount. I understand that I am entitled to claim any unused amount that I was permitted to make under section (8) above up to a maximum of $5,000 in any property. (Examples: (a) if you claim $34,000 under section (8),section (8) and are entitled to take thirty-five thousand dollars ($35,000) under that section, $1,000 allowed here; (b) if you claim $30,000 under section (8),section (8) and are entitled to take thirty-five thousand dollars ($35,000) under that section, $5,000 allowed here; (c) if you claim $35,000 under section (8),section (8) and are entitled to take thirty-five thousand dollars ($35,000) under that section, no claim allowed here.)here; (d) if you claim fifty thousand dollars ($55,000) under section (8) and are entitled to take sixty thousand dollars ($60,000) under that section, five thousand dollars ($5,000) allowed here; (e) if you claim fifty-nine thousand dollars ($59,000) under section (8) and are entitled to take sixty thousand dollars ($60,000) under that section, one thousand dollars ($1,000) allowed here). I further understand that the amount of my claim under this section is after the deduction from the value of this property of the amount of any valid lien or purchase money security interests and that tangible personal property purchased within 90 days of this proceeding may not be exempt.

…."

SECTION 2.  This act is effective when it becomes law.