Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 47 |
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@ Upon the death of one joint owner. the money remaining in the
account will belong to the surviving joint owners and will not pass by
inheritance to the heirs of the deceased joint owner or be controlled by
the deceased joint owner's will.
7 (g) This section does not repeal or modify any provision of law relating to estate
8 taxes.
9 (D Any joint tenant may terminate a joint account.
l0 O Where a joint account is held by two or more individuals and a joint tenant
11 does not wish for the account to be terminated but requests to be removed from the
12 account. the bank shall remove the joint tenant from the account. The joint account shall
13 continue in the names of the remaining tenant or tenants. Any joint tenant who
14 requested to be removed from an account remains liable for any debts incurred in
15 connection with the joint account during the period in which the individual was an
16 named joint tenant.
17 O A{ry joint account created under the provisions of G.S. 53-146.1 as it existed
18 prior to the effective date of this section shall for all purposes be governed by the
19 provisions of this section after the effective date of this section. and any reference to
20 G.S.53-146.1 in any statement electing a right of survivorship shall be deemed a
2I reference to this section.
22 tD This section shall not be deemed exclusive. Deposit accounts not conforming
23 to this section shall be governed by other applicable provisions of the General Statutes
24 or the common law. as appropriate.
25"
26 (d If any natural person establishing a deposit account shall execute a written
27 agreement with the bank containing a statement that it is executed pursuant to the
28 provisions of this section and providing for the account to be held in the name of the
29 natural person as owner for one or more beneficiaries. the account and any balance
30 thereof shall be held as a Payable on Death account. The account shall have the
31 following incidents:
32
33
34
35
36
37
38
39
40
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43
(]) Any owner during the owner's lifetime may change any designated
beneficiary by a written direction to the bank.
Q) If there are two or more owners of a Payable on Death account. the
owners shall own the account as joint tenants with right of
survivorship and. except as otherwise provided in this section. the
account shall have the incidents set forth in G.S. 53-6-6.
(f,) Any owner may withdraw funds by writing checks or otherwise. as set
forth in the account contract. and receive payment in cash or check
payable to the owner's personal order.
g) If the beneficiary is a natural person. there may be one or more
beneficiaries and the following shall apply:
a. If only one beneficiary is living and of legal age at the death of
44 the last surviving owner. the beneficiary shall be the owner of
45 the account and payment by the bank to the owner shall be a
loint Legislative Study Commission on the Modernization of North Carolina Banking Inws
(2011) Page 47
Object Description
Description
| Title | Joint Legislative Study Commission on the Modernization of North Carolina Banking Laws (2011) : report to the 2012 session of the 2011 General Assembly of North Carolina. - Page 47 |
| Full Text | 1 2 aJ 4 5 6 @ Upon the death of one joint owner. the money remaining in the account will belong to the surviving joint owners and will not pass by inheritance to the heirs of the deceased joint owner or be controlled by the deceased joint owner's will. 7 (g) This section does not repeal or modify any provision of law relating to estate 8 taxes. 9 (D Any joint tenant may terminate a joint account. l0 O Where a joint account is held by two or more individuals and a joint tenant 11 does not wish for the account to be terminated but requests to be removed from the 12 account. the bank shall remove the joint tenant from the account. The joint account shall 13 continue in the names of the remaining tenant or tenants. Any joint tenant who 14 requested to be removed from an account remains liable for any debts incurred in 15 connection with the joint account during the period in which the individual was an 16 named joint tenant. 17 O A{ry joint account created under the provisions of G.S. 53-146.1 as it existed 18 prior to the effective date of this section shall for all purposes be governed by the 19 provisions of this section after the effective date of this section. and any reference to 20 G.S.53-146.1 in any statement electing a right of survivorship shall be deemed a 2I reference to this section. 22 tD This section shall not be deemed exclusive. Deposit accounts not conforming 23 to this section shall be governed by other applicable provisions of the General Statutes 24 or the common law. as appropriate. 25" 26 (d If any natural person establishing a deposit account shall execute a written 27 agreement with the bank containing a statement that it is executed pursuant to the 28 provisions of this section and providing for the account to be held in the name of the 29 natural person as owner for one or more beneficiaries. the account and any balance 30 thereof shall be held as a Payable on Death account. The account shall have the 31 following incidents: 32 33 34 35 36 37 38 39 40 4L 42 43 (]) Any owner during the owner's lifetime may change any designated beneficiary by a written direction to the bank. Q) If there are two or more owners of a Payable on Death account. the owners shall own the account as joint tenants with right of survivorship and. except as otherwise provided in this section. the account shall have the incidents set forth in G.S. 53-6-6. (f,) Any owner may withdraw funds by writing checks or otherwise. as set forth in the account contract. and receive payment in cash or check payable to the owner's personal order. g) If the beneficiary is a natural person. there may be one or more beneficiaries and the following shall apply: a. If only one beneficiary is living and of legal age at the death of 44 the last surviving owner. the beneficiary shall be the owner of 45 the account and payment by the bank to the owner shall be a loint Legislative Study Commission on the Modernization of North Carolina Banking Inws (2011) Page 47 |
