GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2011

S                                                                                                                                                     1

SENATE BILL 568

 

 

Short Title:        Clarify Trusts as Beneficiaries in POD Accts.		(Public)
Sponsors:	Senator Brunstetter.
Referred to:	Judiciary I.

April 14, 2011

A BILL TO BE ENTITLED

AN ACT to clarify that trusts may be beneficiaries of payable on death accounts.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 53‑146.2 is amended by adding a new subsection to read:

"(e)       When referring to beneficiaries in this section, the term "person" includes an individual or corporate trustee of a trust."

SECTION 2.  G.S. 54‑109.57 is amended by adding a new subsection to read:

"(e)       When referring to beneficiaries in this section, the term "person" includes an individual or corporate trustee of a trust."

SECTION 3.  G.S. 54B‑130 is amended by adding a new subsection to read:

"(e)       When referring to beneficiaries in this section, the term "person" includes an individual or corporate trustee of a trust."

SECTION 4.  G.S. 54C‑166 is amended by adding a new subsection to read:

"(e)       When referring to beneficiaries in this section, the term "person" includes an individual or corporate trustee of a trust."

SECTION 5.  This act is effective when it becomes law and applies to all payable on demand accounts opened before or after the effective date of this act.