§ 105-306. In whose name personal property is to be listed. - North Carolina Statutes

§105‑306.  In whose name personal property is to be listed.

(a)        Taxable personalproperty shall be listed in the name of the owner on the day as of whichproperty is to be listed for taxation, and it shall be the duty of the owner tolist the property.

(b)        If personalproperty is listed in the name of a person other than the one in whose name itshould be listed, and the name of the proper person is later ascertained, theabstract and tax records shall be corrected to list the property in the name inwhich it should have  been listed. The corrected listing shall have the sameforce and effect as if the personal property had been listed in the name of theproper person in the first instance.

(c)        For purposes ofthis Subchapter:

(1)        The owner of theequity of redemption in personal property subject to a chattel mortgage shallbe considered the owner of the property.

(2)        The vendee ofpersonal property under a conditional bill of  sale, or under any other salecontract through which title to the property is retained by the vender assecurity for the payment of the purchase price, shall be considered the ownerof the property if he has possession of or the right to use the property.

(3)        Personal propertyowned by a corporation, partnership, or unincorporated association shall belisted in the name of the corporation, partnership, or unincorporatedassociation.

(4)        Personal propertyheld in connection with a sole proprietorship shall be listed in the name ofthe owner, and the name and address of the proprietorship shall be noted on the abstract.

(5)        Personal property ofwhich a decedent died possessed, if not under the control of an executor oradministrator, shall be listed in the names of the next of kin or legatees ifknown,  but such property may be listed as property of "the next ofkin" or "the legatees" of the decedent, without naming them,until they have given the assessor notice of their names and of the division ofthe estate. It shall be the duty of an executor or administrator having controlof personal property to list it in his fiduciary capacity, as required bysubdivision (c)(6), below, until he is divested of control of the property.

(6)        Personal property,the title to which is held by a trustee,  guardian, or other fiduciary, shallbe listed by the fiduciary in his fiduciary capacity except as otherwiseprovided in this section.

(7)        If personal propertyis owned by two or more persons who are joint owners, each owner shall list thevalue of his interest. However, if the joint owners are husband and wife, theproperty owned jointly shall be listed on a single abstract in the names ofboth the husband and the wife.

(8)        If the person inwhose name personal property should be listed is unknown, or if the ownershipof the property is in  dispute, the property shall be listed in the name of theperson in possession of the property, or if there appears to  be no person inpossession, in the name of "unknown owner." When the name of theowner is later ascertained, the provisions of subsection (b), above, shallapply.

(9)        Personal property,owned under a time‑sharing arrangement but managed by a homeownersassociation or other managing entity, shall be listed in the name of themanaging entity. (1939, c. 310, s. 802; 1971, c. 806, s. 1; 1983, c.785, s. 2; 1987, c. 45, s. 1.)