NC S451

Repeals G.S. 41-2 and creates new G.S. 41-2.3 to clarify rules governing joint tenancy with right of survivorship for real property.

Establishes that conveyances to multiple persons create tenancy in common by default unless the document explicitly expresses intent to create joint tenancy with right of survivorship using specific language such as "joint tenants," "with right of survivorship," or similar terms.

Defines six circumstances that result in severance of joint tenancy: execution of severance instrument by all joint tenants, self-conveyance by a joint tenant, partial conveyance or encumbrance by a joint tenant with express intent to sever, foreclosure of mortgage or deed of trust, partition petition, or complete conveyance to a third party.

Specifies that joint tenancy interests are equal unless otherwise stated in the conveyance instrument, and provides special rules for married joint tenants who hold property as tenancy by the entirety.

Clarifies that severance does not occur from judgments, bankruptcy filings, or divorce of married joint tenants unless the divorced parties agree otherwise; effective upon passage with no retroactive application to previously created or severed estates.