North Carolina § 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. History (1784, c. 204, s. 6; R.C., c. 43, s. 2; Code, s. 1326; Rev., s. 1579; C.S., s. 1735; 1945, c. 635; 1989 (Reg. Sess., 1990), c. 891, s. 1; 1991, c. 606, s. 1; 2009-268, s. 1; 2010-96, s. 9; 2012-69, s. 2; 2013-204, s. 1.11; 2020-50, s. 2(a)-(c).) Cross References. - As to rules for construction, see G.S. 12-3. As to rules for construction pertaining to "husband and wife," "widow," and "widower," see G.S. 12-3(16), (17). As to personal representatives holding in joint tenancy, see G.S. 28A-13-5 . As to survivorship among trustees given power of sale, see G.S. 45-8 . Editor's Note. - This section is the former third sentence of G.S. 41-2(b), as recodified by Session Laws 2020-50, s. 2(b), effective June 30, 2020. The historical citation and annotations from the former section have been added to this section as recodified. Session Laws 1989 (Reg. Sess., 1990), c. 891, which amended this section, provided in s. 3: "Nothing in this act shall be construed to affect the validity of instruments that provide for a right of survivorship executed prior to the effective date of this act." The act became effective January 1, 1991. Session Laws 1991, c. 606, which amended this section, in section 2 provides: "A conveyance of any interest in real property occurring between January 1, 1991, and the effective date of this act [October 1, 1991] by a party to himself and one or more other parties that expressly provides for a joint tenancy with a right of survivorship shall have created such an interest." Effect of Amendments. - Session Laws 2009-268, s. 1, effective July 10, 2009, designated the previously existing provisions as subsection (a); in subsection (a), made gender neutral changes in the first sentence, in the last sentence, deleted "himself and" preceding "one or more" and inserted "whether or not jointly with the grantor-party"; and added subsection (b). Session Laws 2010-96, s. 9, effective July 20, 2010, substituted "subsection" for "act" at the end of the last paragraph in subsection (b). Session Laws 2012-69, s. 2, effective October 1, 2012, rewrote the third sentence of subsection (b), which formerly read: "If joint tenancy interests among three or more joint tenants holding property in joint tenancy with right of survivorship are held in unequal shares, upon the death of one joint tenant, the share of the deceased joint tenant shall be divided among the surviving joint tenants according to their respective pro rata interest and not equally, unless the creating instrument provides otherwise." Session Laws 2013-204, s. 1.11, effective June 26, 2013, added subsection (a1). Session Laws 2020-50, s. 2(c), effective June 30, 2020, added "The provisions of G.S. 28A-24-3 apply to joint" for "The joint" at the beginning and deleted "are subject to the provisions of G.S. 28A-24-3 " following "of survivorship" near the end. Legal Periodicals. - For article on joint ownership of corporate securities in North Carolina, see 44 N.C.L. Rev. 290 (1966). For comment on tenancy by the entirety in North Carolina, see 59 N.C.L. Rev. 997 (1980). For article, "Class Gifts in North Carolina - When Do We 'Call The Roll'?," see 21 Wake Forest L. Rev. 1 (1985). For article, "The Joint Tenancy Makes a Comeback in North Carolina," see 69 N.C.L. Rev. 491 (1991).