Installment Land Contracts in North Carolina

An installment land contract is a fairly simple conveyancing device, somewhat analogous to a conditional sales contract for personal property and is the most commonly used substitute for the purchase money mortgage or deed of trust. The vendor agrees to convey the described premises upon payment by the purchaser of a specified purchase price and upon performance of any other obligations outlined in the contract. The down payment is generally minimal, with the balance of the purchase price to be paid in installments at regular intervals over an extended period. Like a mortgage, installments are applied to principal and interest and the debt may extend over relatively short periods or for periods exceeding twenty years. Commonly, the vendor retains legal title until the final payment is made, at which time the deed is delivered to the purchaser, sometimes under an escrow arrangement made simultaneously with the installment contract. Some land sale contracts call for a deed to the purchaser after a certain percentage of the purchase price has been paid, at which time the purchaser delivers to the vendor a purchase money mortgage or deed of trust to secure payment of the balance. The purchaser usually takes possession at the time the installment contract is executed and assumes responsibility for taxes and upkeep of the property

Estate Planning Considerations for the North Carolina Principal and Income Act of 1973

Unless the governing instrument makes another provision, the Act applies to regulate the allocation of income and expense between the income and principal interests of a trust or estate. Accordingly, draftsmen who do not expressly exempt the fiduciary from the provisions of the Act or simply give the fiduciary standard North Carolina powers by incorporating by reference the provisions of N.C. Gen. Stat. § 32-27 are directing by default that the provisions of the Act apply to govern the allocation made by the fiduciary. This article will explore some of the consequences of each choice and will provide a framework for a decision whether to have selected sections of the Act apply or to draft specific instructions or to allow for fiduciary discretion

Estate Planning Considerations for the North Carolina Principal and Income Act of 1973

Unless the governing instrument makes another provision, the Act applies to regulate the allocation of income and expense between the income and principal interests of a trust or estate. Accordingly, draftsmen who do not expressly exempt the fiduciary from the provisions of the Act or simply give the fiduciary standard North Carolina powers by incorporating by reference the provisions of N.C. Gen. Stat. § 32-27 are directing by default that the provisions of the Act apply to govern the allocation made by the fiduciary. This article will explore some of the consequences of each choice and will provide a framework for a decision whether to have selected sections of the Act apply or to draft specific instructions or to allow for fiduciary discretion

Installment Land Contracts in North Carolina

An installment land contract is a fairly simple conveyancing device, somewhat analogous to a conditional sales contract for personal property and is the most commonly used substitute for the purchase money mortgage or deed of trust. The vendor agrees to convey the described premises upon payment by the purchaser of a specified purchase price and upon performance of any other obligations outlined in the contract. The down payment is generally minimal, with the balance of the purchase price to be paid in installments at regular intervals over an extended period. Like a mortgage, installments are applied to principal and interest and the debt may extend over relatively short periods or for periods exceeding twenty years. Commonly, the vendor retains legal title until the final payment is made, at which time the deed is delivered to the purchaser, sometimes under an escrow arrangement made simultaneously with the installment contract. Some land sale contracts call for a deed to the purchaser after a certain percentage of the purchase price has been paid, at which time the purchaser delivers to the vendor a purchase money mortgage or deed of trust to secure payment of the balance. The purchaser usually takes possession at the time the installment contract is executed and assumes responsibility for taxes and upkeep of the property

The District Court and the Ongoing Pursuit of Local Justice in North Carolina

The state of North Carolina’s system of district courts is a prominent example of the success of legal reform, but also of the difficulties that reform can encounter. From the earliest days of the Lords Proprietors, Old English law played a significant role in colonial judicial administration. As North Carolina expanded, however, growing pains emerged; among the most severe were the availability of courts for small matters, the qualifications of those appointed to serve as judges, and the challenges brought on by interference in the court system by the executive and legislative branches of government. This Article tracks North Carolina’s long journey from judicial pariah to a model of effective governance, including the influence of other states, legal scholars, and public opinion. It concludes that the establishment of a dedicated system of district courts in the state fundamentally improved and continues to maintain—despite recent changes—a robust administration of justice in North Carolina