AN ACT TO CONFORM THE LAW GOVERNING CO-OWNERS WITH RIGHT OF SURVIVORSHIP UNDER THE SIMULTANEOUS DEATH ACT TO THE LAW GOVERNING THE HOLDING OF UNEQUAL SHARES IN A JOINT TENANCY WITH RIGHT OF SURVIVORSHIP, AS RECOMMENDED BY THE GENERAL STATUTES COMMISSION. Summarized in Daily Bulletin 5/22/12 and 5/31/12. Enacted June 26, 2012. Effective October 1, 2012.
Bill Summaries: H 1067 CO-OWNERS/UNEQUAL SHARES/SIMULTANEOUS DEATH.
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Summary date: Jun 27 2012 - View Summary
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Bill H 1067 (2011-2012)Summary date: May 31 2012 - View Summary
House amendment makes the following changes to 1st edition. Changes the act’s effective date to October 1, 2012 (was, effective when the act becomes law).
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Bill H 1067 (2011-2012)Summary date: May 22 2012 - View Summary
Identical to S 845, filed 5/21/12.
Amends GS 28A-24-3 to provide that if there are two or more co-owners with right of survivorship and (1) it is not established that at least one of them survived the other(s) by at least 120 hours, then each co-owner's pro rata interest passes as if the co-owner had survived all other(s) by at least 120 hours and (2) it is established that at least one of them survived the other(s) by at least 120 hours, then the pro rata interest of the deceased who are not established to have survived by at least 120 hours passes to the remaining owner, or if there is more than one, to the remaining owners according to their pro rata interest. Makes a conforming change to GS 41-2(b).