§ 41-32. Possibilities of reverter, etc. - North Carolina Statutes

§41‑32.  Possibilities of reverter, etc.

(a)        Except as otherwiseprovided in this section:

(1)        A possibility ofreverter preceded by a fee simple determinable;

(2)        A right of entrypreceded by a fee simple subject to a condition subsequent; or

(3)        An executoryinterest preceded by either a fee simple determinable or a fee simple subjectto an executory limitation;

becomes invalid, and thepreceding fee simple becomes a fee simple absolute, if the right to vest inpossession of the possibility of reverter, right of entry, or executoryinterest depends on an event or events affecting the use of land and if thepossibility of reverter, right of entry, or executory interest does notactually vest in possession within 60 years after its creation.

(b)        This section doesnot apply to a possibility of reverter, right of entry, or executory interestheld by a charity, a government or governmental agency or subdivision excludedfrom the Uniform Statutory Rule Against Perpetuities by G.S. 41‑18(5) orto an arrangement relating solely to an interest in oil, gas, or minerals. (1995,c. 525, s. 1.)