§ 41-74 – Application of 120-hour survival requirement to joint tenancy with right of survivorship.
41-74. Application of 120-hour survival requirement to joint tenancy with right of survivorship. The provisions of G.S. 28A-24-3 apply to joint tenancy interests among two or more joint tenants holding property in joint tenancy with right of survivorship upon the death of one or more of the joint tenants. (1784, c. 204, s. 6; R.C., […]
§ 41-75 – Inapplicability of Article.
41-75. Inapplicability of Article. This Article does not apply to any of the following: (1) Executors or trustees in their representative capacity. (2) Partnerships governed by Chapter 59 of the General Statutes. (3) Business entities. (4) Accounts established under G.S. 41-2.1 or G.S. 41-2.2 to the extent inconsistent with the provisions of this Article. (5) […]
§ 41-57 – Presumption of gift by spouse furnishing consideration.
41-57. Presumption of gift by spouse furnishing consideration. Except for purposes of equitable distribution as provided under G.S. 50-20 and G.S. 50-21, when an individual furnishing the consideration for real property causes title to be placed in the name of the individual and the individual’s spouse, there is a presumption of a gift to the […]
§ 41-76 – Common law of joint tenancy; equitable principles.
41-76. Common law of joint tenancy; equitable principles. The common law of joint tenancy with right of survivorship and principles of equity supplement this Article except to the extent it conflicts or is inconsistent with a provision of this Article or the laws of this State. (2020-50, s. 2(a), (c).)
§ 41-58 – Possession and control of entireties property.
41-58. Possession and control of entireties property. (a) Spouses shall have an equal right to the control, use, possession, and income from property held by them as tenants by the entirety. (b) Neither spouse may bargain, sell, lease, mortgage, transfer, convey, sign, pay out, or in any manner encumber any property held by them as […]
§ 41-77 – Citation to prior statutes.
41-77. Citation to prior statutes. A citation to a former statute recodified in Article 5 of Chapter 41 of the General Statutes, whether made before or after adoption of Article 5, shall be deemed to be a citation to the recodified statute, unless application of this rule of construction would substantially impair the rights of […]
§ 41-59 – Income derived from entireties property.
41-59. Income derived from entireties property. (a) Income derived from property held by spouses as tenants by the entirety becomes personal property held by the spouses as tenants in common in equal shares. (b) For income tax purposes, each spouse is considered to have received one-half the income or loss from property held by the […]
§ 41-60 – Liability of entireties property for debts of spouses.
41-60. Liability of entireties property for debts of spouses. (a) With respect to property held by spouses as tenants by the entirety prior to its termination, all of the following shall apply: (1) The property may not be held liable for individual debts of either spouse and a judgment lien against one spouse alone does […]
§ 41-61 – Reimbursement for expenditures made on entireties property.
41-61. Reimbursement for expenditures made on entireties property. (a) Neither spouse holding property as tenants by the entirety is entitled to reimbursement of expenditures made on the property, including payments on indebtedness encumbering the property, while the tenancy by the entirety exists. (b) When the tenancy by the entirety is converted to a tenancy in […]
§ 41-62 – Insurance coverage and character of proceeds.
41-62. Insurance coverage and character of proceeds. Where property held as tenants by the entirety is insured, unless the parties by contract have provided what disposition should be made of the insurance proceeds, the policy and insurance proceeds inure to the benefit of the entire estate even though the policy was issued in the name […]