AN ACT TO AUTHORIZE THE ESTABLISHMENT OF A PAYABLE ON DEATH ACCOUNT NAMING AN ENTITY OTHER THAN A NATURAL PERSON AS BENEFICIARY. Summarized in Daily Bulletin 4/6/11 and 5/23/11. Enacted June 23, 2011. Effective October 1, 2011.
PAYABLE ON DEATH ACCOUNTS.
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View NCGA Bill Details | 2011-2012 Session |
TO AUTHORIZE THE ESTABLISHMENT OF A PAYABLE ON DEATH ACCOUNT NAMING AN ENTITY OTHER THAN A NATURAL PERSON AS BENEFICIARY.Intro. by Hastings.
Bill History:
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Tue, 5 Apr 2011 House: Filed
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Thu, 7 Apr 2011 House: Passed 1st Reading
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Thu, 7 Apr 2011 House: Ref To Com On Banking
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Mon, 23 May 2011 House: Reptd Fav Com Substitute
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Mon, 23 May 2011 House: Cal Pursuant Rule 36(b)
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Mon, 23 May 2011 House: Placed On Cal For 5/24/2011
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Tue, 24 May 2011 House: Passed 2nd Reading
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Wed, 25 May 2011 House: Passed 3rd Reading
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Thu, 26 May 2011 Senate: Rec From House
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Thu, 26 May 2011 Senate: Passed 1st Reading
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Thu, 26 May 2011 Senate: Ref To Com On Commerce
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Tue, 14 Jun 2011 Senate: Reptd Fav
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Tue, 14 Jun 2011 Senate: Placed On Cal For 6/14/2011
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Tue, 14 Jun 2011 Senate: Passed 2nd & 3rd Reading
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Wed, 15 Jun 2011 Ratified
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Thu, 16 Jun 2011 Pres. To Gov. 6/16/2011
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Thu, 23 Jun 2011 Signed By Gov. 6/23/2011
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Thu, 23 Jun 2011 Ch. SL 2011-236
Bill Summaries:
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Summary date: Jun 30 2011 - View Summary
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Bill H 686 (2011-2012)Summary date: May 23 2011 - View Summary
House committee substitute makes the following changes to 1st edition. Amends proposed GS 53-146.2A to clarify that if the beneficiary of a payable on death account is an entity other than a natural person, there will be only one beneficiary. Makes other clarifying and conforming changes. Amends proposed GS 53-146.2A to add that if a natural person sets up a payable on death account with the incidents detailed in the statute, the language may be on a signature card or in a separate explanatory document.
Makes similar changes to proposed GS 54B-130A, GS 54C-130A, and GS 54-109.57A. Clarifies that the act is effective October 1, 2011, and applies to agreements executed on or after that date. Agreements executed before October 1, 2011, remain subject to the laws in effect at the time the parties executed the agreement.
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Bill H 686 (2011-2012)Summary date: Apr 6 2011 - View Summary
Repeals GS 53-146.2 (provisions for Payable on Death accounts in banks) and instead enacts new GS 53-146.2A. Provides that if any natural person or natural persons establishing a deposit account executes a written agreement with the bank stating that the agreement is executed pursuant to the statute and providing for the account to be held in the name of the natural person or persons as owner or owners for one or more beneficiaries, then the account and any balance will be a Payable on Death account. Requires the account to include seven specified incidents if one or more of the beneficiaries is a natural person. Sets forth the statement format to be signed by the person/persons establishing the payable on death account. Provides that if the beneficiary of the account is an entity other than a natural person, the account will include incidents as detailed. Sets forth the statement format to be signed by the person/persons establishing the account. Clarifies that the statute is not deemed exclusive, and that deposit accounts not conforming to the statute will be governed by other applicable law. Specifies that no addition, withdrawal, payment, or change of beneficiary to the account will affect the nature of the account as a payable on death account, or affect the owner’s right to terminate. Provides that the statute does not repeal or modify any law relating to estate taxes.
Makes similar changes in the following Chapters: repeals GS 54B-130 and enacts new GS 54B-130A, governing payable on death accounts (POD accounts) in savings and loan associations; repeals GS 54C-166 and enacts new GS 54C-166A, governing POD accounts in savings banks; and repeals GS 54-109.57 and enacts new GS 54-109.57A, governing POD accounts in credit unions.
Effective October 1, 2011.