An option in gross with respect to an interest in land or a preemptive right in the nature of a right of first refusal in gross with respect to an interest in land becomes invalid if it is not actually exercised within 30 years after its creation. For purposes of this section, the term "interest in land" does not include arrangements relating solely to an interest in oil, gas, or minerals.
N.C. Gen. Stat. § 41-29
Options in gross, etc
Applied in 1 court decision — leading case 198 N.C. App. 405 - LEFEVER v. Taylor (2009)
Most recently applied in 198 N.C. App. 405 - LEFEVER v. Taylor (July 2009)
1995, c. 525, s. 1.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.