41-55. Definitions. For the purposes of this Article, the following definitions apply: (1) Conveyance. – A transfer of title to real property by deed or devise or other instrument transferring title to real property. (2) Income. – Rents and profits from property held as tenants by the entirety. (3) Spouses. – Two individuals then legally […]
41-56. Creation of tenancy by the entirety. (a) Unless a contrary intention is expressed in the conveyance, a conveyance of real property, or any interest in real property, to spouses vests title in them as tenants by the entirety when the conveyance is to one of the following: (1) A named man "and wife." (2) […]
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 […]
41-58. 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 […]
41-59. 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. (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. (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. 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 […]
41-63. Termination of tenancy by the entirety other than upon death of a spouse; effects of termination. Events terminating a tenancy by the entirety other than the death of a spouse and the effects of termination include the following: (1) The voluntary sale and conveyance of property held as tenants by the entirety to a […]
41-64. Termination of tenancy by the entirety upon death of a spouse. (a) Except as provided in subsection (b) of this section, upon the death of a spouse, property held as tenants by the entirety belongs to the surviving spouse by right of purchase under the original grant or devise and by virtue of survivorship. […]
41-65. Entireties property conveyed to trusts. (a) Any real property held by spouses as tenants by the entirety and conveyed (i) to a joint trust or (ii) in equal shares to two separate trusts shall no longer be held by the spouses as tenants by the entirety and shall be disposed of by the terms […]
41-66. Common law of tenancy by the entirety; equitable principles. The common law of tenancy by the entirety 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. 1(a), (c).)
