This session we've watched SB 853 - Business Court Modernization work through the legislative process and we are impressed by freshman Senator Tamara Barringer's first big effort.
All you lawyers who take on complex business litigation need to be aware of this new law and, importantly, the impact of the implementation dates which I've summarized below:
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Section 1 of the bill rewrites G.S. 7A-27 regarding appeals of right from the courts of the trial divisions. It applies to actions designated on or after October 1, 2014.
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Section 2 of the bill rewrites G.S. 7A-45.3 regarding the designation of superior court judges as business court judges to hear complex business cases. It became effective August 7, 2014.
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Section 3 of the bill rewrites G.S. 7A-45.4 regarding the designation of complex business cases. It applies to actions commenced or petitions filed on or after October 1, 2014.
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Section 4 of the bill rewrites G.S. 7A-305 to increase the cost of filing a case in the business court. It applies to actions commenced or petitions filed on or after October 1, 2014.
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Section 5 of the bill rewrites G.S. 7A-343 requires the Director of the Administrative Office of the Courts to prepare and submit a semi annual report on activities of the Business Court. It became effect August 7, 2014.
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Section 6 of the bill creates a new G.S 55-11-11 which is NC's new way to handle how mergers effect a holding company reorganization, and rewrites G.S. 55-11-06(a) regarding the effect of merger or share exchange. It applies to plans of mergers adopted on or after October 1, 2014.
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Section 7 of the bill rewrites Rule 8(a)(2). It became law on August 7, 2014 and applies to actions commenced on or after that date.
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Section 8 creates a legislative committee to study the implementation of this Act and other items it deems worthy of study.
The new law is here: http://www.ncleg.net/Sessions/2013/Bills/Senate/PDF/S853v7.pdf
