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NC S845
Bill
Status
5/21/2012
Primary Sponsor
Fletcher Hartsell
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AI Summary
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Modifies G.S. 28A-24-3 to provide that when co-owners with right of survivorship cannot establish by clear and convincing evidence that at least one survived the others by 120 hours, each co-owner's pro rata interest passes as if that co-owner survived all others.
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Changes the distribution rule for multiple co-owners in simultaneous death situations so that surviving co-owners receive only the shares of those not established to have survived 120 hours, proportional to their pro rata interests.
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Amends G.S. 41-2(b) to subject joint tenancy interests with unequal shares to the provisions of G.S. 28A-24-3 rather than automatically dividing a deceased joint tenant's share among survivors according to their pro rata interests.
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Applies the new unequal shares distribution rules to any conveyance explicitly seeking to create unequal ownership interests in joint tenancy with right of survivorship, regardless of when created.
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Establishes that distributions made prior to enactment from joint tenancies intended to create unequal shares remain valid and cannot be modified based on this law.
Legislative Description
Co-owners/Unequal Shares/Simultaneous Death
Last Action
Ref To Com On Judiciary I
5/22/2012