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.