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NC S845

Bill

Status

Introduced

5/21/2012

Primary Sponsor

Fletcher Hartsell

Click for details

Origin

Senate

2011-2012 Session

AI Summary

  • 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.

  • 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.

  • 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.

  • 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.

  • 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

Committee Referrals

Judiciary I5/22/2012

Full Bill Text

No bill text available