(a) Any two or morepersons may open or hold a withdrawable account or accounts. The withdrawableaccount and any balance thereof shall be held by them as joint tenants, with orwithout right of survivorship, as the contract shall provide; the account mayalso be held pursuant to G.S. 41‑2.1 and have incidents set forth in thatsection, provided, however, if the account is held pursuant to G.S. 41‑2.1the contract shall set forth that fact as well. Unless the persons establishingthe account have agreed with the association that withdrawals require more thanone signature, payment by the association to, or on the order of, any personsholding an account authorized by this section shall be a total discharge of theassociation's obligation as to the amount so paid. Funds in a joint accountestablished with right of survivorship shall belong to the surviving jointtenant or tenants upon the death of a joint tenant, and the funds shall besubject only to the personal representative's right of collection as set forthin G.S. 28A‑15‑10(a)(3), or as provided in G.S. 41‑2.1 if theaccount is established pursuant to the provisions of that section. Payment bythe association of funds in the joint account to a surviving joint tenant ortenants shall terminate the personal representative's authority under G.S. 28A‑15‑10(a)(3)to collect against the association for the funds so paid, but the personalrepresentative's authority to collect such funds from the surviving jointtenant or tenants is not terminated. A pledge of such account by any holder orholders shall, unless otherwise specifically agreed upon, be a valid pledge andtransfer of such account, or of the amount so pledged, and shall not operate tosever or terminate the joint ownership of all or any part of the account.Persons establishing an account under this section shall sign a statementshowing their election of the right of survivorship in the account, andcontaining language set forth in a conspicuous manner and substantially similarto the following:
"SAVINGS AND LOAN (or name of institution)
JOINT ACCOUNT WITH RIGHT OF SURVIVORSHIP
G.S. 54B‑129
We understand that byestablishing a joint account under the provisions of North Carolina GeneralStatute 54B‑129 that:
1. The savings and loanassociation (or name of institution) may pay the money in the account to, or onthe order of, any person named in the account unless we have agreed with theassociation that withdrawals require more than one signature; and
2. Upon the death of onejoint owner the money remaining in the account will belong to the survivingjoint owners and will not pass by inheritance to the heirs of the deceasedjoint owner or be controlled by the deceased joint owner's will.
We DO elect to create theright of survivorship in this account.
______________________________
______________________________ "
(a1) This section shallnot be deemed exclusive. Deposit accounts not conforming to this section shallbe governed by other applicable provisions of the General Statutes or thecommon law as appropriate.
(b) This section doesnot repeal or modify any provisions of law relating to estate taxes. Thissection regulates and protects the association in its relationships with jointowners of deposit accounts.
(c) No addition to suchaccount, nor any withdrawal or payment shall affect the nature of the accountas a joint account, or affect the right of any tenant to terminate the account.(1981, c. 282, s. 3; 1987 (Reg. Sess., 1988), c. 1078, s. 5; 1989, c.164, s. 1; 1989 (Reg. Sess., 1990), c. 866, s. 1; 1998‑69, s. 16.)
(a) Any two or morepersons may open or hold a withdrawable account or accounts. The withdrawableaccount and any balance thereof shall be held by them as joint tenants, with orwithout right of survivorship, as the contract shall provide; the account mayalso be held pursuant to G.S. 41‑2.1 and have incidents set forth in thatsection, provided, however, if the account is held pursuant to G.S. 41‑2.1the contract shall set forth that fact as well. Unless the persons establishingthe account have agreed with the association that withdrawals require more thanone signature, payment by the association to, or on the order of, any personsholding an account authorized by this section shall be a total discharge of theassociation's obligation as to the amount so paid. Funds in a joint accountestablished with right of survivorship shall belong to the surviving jointtenant or tenants upon the death of a joint tenant, and the funds shall besubject only to the personal representative's right of collection as set forthin G.S. 28A‑15‑10(a)(3), or as provided in G.S. 41‑2.1 if theaccount is established pursuant to the provisions of that section. Payment bythe association of funds in the joint account to a surviving joint tenant ortenants shall terminate the personal representative's authority under G.S. 28A‑15‑10(a)(3)to collect against the association for the funds so paid, but the personalrepresentative's authority to collect such funds from the surviving jointtenant or tenants is not terminated. A pledge of such account by any holder orholders shall, unless otherwise specifically agreed upon, be a valid pledge andtransfer of such account, or of the amount so pledged, and shall not operate tosever or terminate the joint ownership of all or any part of the account.Persons establishing an account under this section shall sign a statementshowing their election of the right of survivorship in the account, andcontaining language set forth in a conspicuous manner and substantially similarto the following:
"SAVINGS AND LOAN (or name of institution)
JOINT ACCOUNT WITH RIGHT OF SURVIVORSHIP
G.S. 54B‑129
We understand that byestablishing a joint account under the provisions of North Carolina GeneralStatute 54B‑129 that:
1. The savings and loanassociation (or name of institution) may pay the money in the account to, or onthe order of, any person named in the account unless we have agreed with theassociation that withdrawals require more than one signature; and
2. Upon the death of onejoint owner the money remaining in the account will belong to the survivingjoint owners and will not pass by inheritance to the heirs of the deceasedjoint owner or be controlled by the deceased joint owner's will.
We DO elect to create theright of survivorship in this account.
______________________________
______________________________ "
(a1) This section shallnot be deemed exclusive. Deposit accounts not conforming to this section shallbe governed by other applicable provisions of the General Statutes or thecommon law as appropriate.
(b) This section doesnot repeal or modify any provisions of law relating to estate taxes. Thissection regulates and protects the association in its relationships with jointowners of deposit accounts.
(c) No addition to suchaccount, nor any withdrawal or payment shall affect the nature of the accountas a joint account, or affect the right of any tenant to terminate the account.(1981, c. 282, s. 3; 1987 (Reg. Sess., 1988), c. 1078, s. 5; 1989, c.164, s. 1; 1989 (Reg. Sess., 1990), c. 866, s. 1; 1998‑69, s. 16.)
(a) Any two or morepersons may open or hold a withdrawable account or accounts. The withdrawableaccount and any balance thereof shall be held by them as joint tenants, with orwithout right of survivorship, as the contract shall provide; the account mayalso be held pursuant to G.S. 41‑2.1 and have incidents set forth in thatsection, provided, however, if the account is held pursuant to G.S. 41‑2.1the contract shall set forth that fact as well. Unless the persons establishingthe account have agreed with the association that withdrawals require more thanone signature, payment by the association to, or on the order of, any personsholding an account authorized by this section shall be a total discharge of theassociation's obligation as to the amount so paid. Funds in a joint accountestablished with right of survivorship shall belong to the surviving jointtenant or tenants upon the death of a joint tenant, and the funds shall besubject only to the personal representative's right of collection as set forthin G.S. 28A‑15‑10(a)(3), or as provided in G.S. 41‑2.1 if theaccount is established pursuant to the provisions of that section. Payment bythe association of funds in the joint account to a surviving joint tenant ortenants shall terminate the personal representative's authority under G.S. 28A‑15‑10(a)(3)to collect against the association for the funds so paid, but the personalrepresentative's authority to collect such funds from the surviving jointtenant or tenants is not terminated. A pledge of such account by any holder orholders shall, unless otherwise specifically agreed upon, be a valid pledge andtransfer of such account, or of the amount so pledged, and shall not operate tosever or terminate the joint ownership of all or any part of the account.Persons establishing an account under this section shall sign a statementshowing their election of the right of survivorship in the account, andcontaining language set forth in a conspicuous manner and substantially similarto the following:
"SAVINGS AND LOAN (or name of institution)
JOINT ACCOUNT WITH RIGHT OF SURVIVORSHIP
G.S. 54B‑129
We understand that byestablishing a joint account under the provisions of North Carolina GeneralStatute 54B‑129 that:
1. The savings and loanassociation (or name of institution) may pay the money in the account to, or onthe order of, any person named in the account unless we have agreed with theassociation that withdrawals require more than one signature; and
2. Upon the death of onejoint owner the money remaining in the account will belong to the survivingjoint owners and will not pass by inheritance to the heirs of the deceasedjoint owner or be controlled by the deceased joint owner's will.
We DO elect to create theright of survivorship in this account.
______________________________
______________________________ "
(a1) This section shallnot be deemed exclusive. Deposit accounts not conforming to this section shallbe governed by other applicable provisions of the General Statutes or thecommon law as appropriate.
(b) This section doesnot repeal or modify any provisions of law relating to estate taxes. Thissection regulates and protects the association in its relationships with jointowners of deposit accounts.
(c) No addition to suchaccount, nor any withdrawal or payment shall affect the nature of the accountas a joint account, or affect the right of any tenant to terminate the account.(1981, c. 282, s. 3; 1987 (Reg. Sess., 1988), c. 1078, s. 5; 1989, c.164, s. 1; 1989 (Reg. Sess., 1990), c. 866, s. 1; 1998‑69, s. 16.)
