AN ACT TO MAKE TECHNICAL, CLARIFYING, AND OTHER AMENDMENTS TO PROVISIONS APPLICABLE TO COMMERCIAL BANKS, PROVISIONS APPLICABLE TO BANK HOLDING COMPANIES, AND PROVISIONS APPLICABLE TO CREDIT UNIONS.
House committee substitute makes the following changes to the 1st edition.
Amends the long title.
Deletes the provisions repealing GS 53C-9-405 and GS 53C-9-406.
Amends GS 54-109.57A (Payable on Death accounts). Provides that a pledge of a payable on death account by any owner, unless otherwise specifically agreed between a credit union and all other owners in writing, is a valid pledge and transfer of the account or of the pledged amount, is binding on all owners and beneficiaries, does not operate to sever or terminate the joint ownership of all or any part of the account, and survives the death of any owner or any beneficiary.
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