§ 47B-1. Declaration of policy and statement of purpose. - North Carolina Statutes

Chapter47B.

Real Property Marketable TitleAct.

§ 47B‑1.  Declaration ofpolicy and statement of purpose.

It is hereby declared as amatter of public policy by the General Assembly of the State of North Carolinathat:

(1)        Land is a basicresource of the people of the State of North Carolina and should be made freelyalienable and marketable so far as is practicable.

(2)        Nonpossessoryinterests in real property, obsolete restrictions and technical defects intitles which have been placed on the real property records at remote times inthe past often constitute unreasonable restraints on the alienation andmarketability of real property.

(3)        Such interests anddefects are prolific producers of litigation to clear and quiet titles whichcause delays in real property transactions and fetter the marketability of realproperty.

(4)        Real propertytransfers should be possible with economy and expediency. The status andsecurity of recorded real property titles should be determinable from anexamination of recent records only.

It is the purpose of theGeneral Assembly of the State of North Carolina to provide that if a personclaims title to real property under a chain of record title for 30 years, andno other person has filed a notice of any claim of interest in the realproperty during the 30‑year period, then all conflicting claims basedupon any title transaction prior to the 30‑year period shall beextinguished. (1973, c. 255, s. 1.)