North Carolina § 31A-6 - Survivorship property.

§ 31A-6. Survivorship property.

Where the slayer and the decedent hold property with right of survivorship as joint tenants, joint owners, joint obligees, or otherwise, the following apply: The decedent's share passes immediately upon the decedent's death to the decedent's estate. The slayer's share shall be held by the slayer for life and at the slayer's death shall pass to the decedent's estate. Where three or more persons, including the slayer and the decedent, hold property with right of survivorship as joint tenants, joint owners, joint obligees, or otherwise, the following apply: The decedent's share is converted effective upon the decedent's death to that of a tenant in common and passes to the decedent's estate. The remaining persons, including the slayer, continue to hold their shares with right of survivorship. If the slayer becomes the final survivor, upon the slayer's death, the slayer's share, which includes the other shares that passed to the slayer as the final survivor, shall pass to the decedent's estate. During the slayer's lifetime, the slayer has the right to the income from the slayer's share, subject to the rights of the slayer's creditors. Nothing in this section prohibits a partitioning of the property pursuant to Chapter 46A of the General Statutes or severing the joint tenancy in any manner provided by law. Any share taken by the slayer by reason of partition or severance is subject to subdivision (3) of subsection (b) of this section. History (1961, c. 210, s. 1; 2014-107, s. 1.1; 2020-23, s. 12.) Editor's Note. - Session Laws 2014-107, s. 1.2 made subsections (c) and (d), and the rewriting of subsections (a) and (b), by Session Laws 2014-107, s. 1.1, effective October 1, 2014, and applicable to property subject to Article 3 of Chapter 31A of the General Statutes as to decedents dying on or after that date. Effect of Amendments. - Session Laws 2014-107, s. 1.1, rewrote subsections (a) and (b) and added subsections (c) and (d). See Editor's note for effective date and applicability. Session Laws 2020-23, s. 12, effective October 1, 2020, substituted "has" for "shall have" in subsection (c); substituted "Chapter 46A" for "Chapter 46" in subsection (d); and made minor stylistic changes.