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.