Abstract:
This bulletin discusses the recent Fourth Circuit Court of Appeals decision in NVR Homes, Inc. v. Clerks of the Circuit Courts (IN RE NVR LP) and its effect on the collection of the North Carolina real estate excise tax when the grantor in an instrument transferring an interest in real property is a debtor in a Chapter 11 bankruptcy proceeding. The consequence of the decision for the state's registers of deeds is discussed.