North Carolina General Statutes Chapter 41 Estates

Article 1 - Survivorship Rights and Future Interests.

N.C. Gen. Stat. § 41-1. Fee tail converted into fee simple
Every person seized of an estate in tail shall be deemed to be seized of the same in fee simple. (1784, c. 204, s....
N.C. Gen. Stat. § 41-2. Survivorship in joint tenancy defined; proviso as to partnership; unequal ownership interests
(a) Except as otherwise provided herein, in all estates, real or personal, held in joint tenancy, the part or share of any tenant dying...
N.C. Gen. Stat. § 41-2.1. Right of survivorship in bank deposits created by written agreement
(a) A deposit account may be established with a banking institution in the names of two or more persons, payable to either or the...
N.C. Gen. Stat. § 41-2.2. Joint ownership of securities
(a) In addition to other forms of ownership, securities may be owned by any parties as joint tenants with rights of survivorship, and not...
N.C. Gen. Stat. § 41-2.3 through 41-2.4. Reserved for future codification purposes
N.C. Gen. Stat. § 41-2.5. Tenancy by the entirety in mobile homes
(a) When a husband and wife become co-owners of a mobile home, in the absence of anything to the contrary appearing in the instrument...
N.C. Gen. Stat. § 41-3. Survivorship among trustees
In all cases where only a naked trust not coupled with a beneficial interest has been created or exists, or shall be created, and...
N.C. Gen. Stat. § 41-4. Limitations on failure of issue
Every contingent limitation in any deed or will, made to depend upon the dying of any person without heir or heirs of the body,...
N.C. Gen. Stat. § 41-5. Unborn infant may take by deed or writing
An infant unborn, but in esse, shall be deemed a person capable of taking by deed or other writing any estate whatever in the...
N.C. Gen. Stat. § 41-6. "Heirs" construed to be "children" in certain limitations
A limitation by deed, will, or other writing, to the heirs of a living person, shall be construed to be to the children of...
N.C. Gen. Stat. § 41-6.2. Doctrine of worthier title abolished
(a) The law of this State does not include: (i) the common-law rule of worthier title that a grantor or testator cannot convey or...
N.C. Gen. Stat. § 41-6.3. Rule in Shelley's case abolished
(a) The rule of property known as the rule in Shelley's case is abolished. (b) This section shall become effective October 1, 1987, and...
N.C. Gen. Stat. § 41-6.4. Rule in Dumpor's Case abolished
(a) The rule of property known as the Rule in Dumpor's Case is abolished. (b) This section shall become effective October 1, 2012, and...
N.C. Gen. Stat. § 41-7. Possession transferred to use in certain conveyances
By deed of bargain and sale, or by deeds of lease and release, or by covenant to stand seized to use, or deed operating...
N.C. Gen. Stat. § 41-8. Collateral warranties abolished; warranties by life tenants deemed covenants
All collateral warranties are abolished; and all warranties made by any tenant for life of lands, tenements or hereditaments, the same descending or coming...
N.C. Gen. Stat. § 41-9. Repealed by Session Laws 1979, c. 180, s. 2
N.C. Gen. Stat. § 41-10. Titles quieted
An action may be brought by any person against another who claims an estate or interest in real property adverse to him for the...
N.C. Gen. Stat. § 41-10.1. Trying title to land where State claims interest
Whenever the State of North Carolina or any agency or department thereof asserts a claim of title to land which has not been taken...
N.C. Gen. Stat. § 41-11. Sale, lease or mortgage in case of remainders
In all cases where there is a vested interest in real estate, and a contingent remainder over to persons who are not in being,...
N.C. Gen. Stat. § 41-11.1. Sale, lease or mortgage of property held by a "class," where membership may be increased by persons not in esse
(a) Wherever there is a gift, devise, transfer or conveyance of a vested estate or interest in real or personal property, or both, to...
N.C. Gen. Stat. § 41-12. Sales or mortgages of contingent remainders validated
In all cases where property has been conveyed by deed, or devised by will, upon contingent remainder, executory devise, or other limitations, where a...
N.C. Gen. Stat. § 41-13. Freeholders in petition for special taxes defined
In all cases where a petition by a specific number of freeholders is required as a condition precedent to ordering an election to provide...
N.C. Gen. Stat. § 41-14. Reserved for future codification purposes

Article 2 - Uniform Statutory Rule Against Perpetuities.

N.C. Gen. Stat. § 41-15. Statutory rule against perpetuities
(a) Except as otherwise provided in G.S. 41-23, a nonvested property interest is invalid unless: (1) When the interest is created, it is certain...
N.C. Gen. Stat. § 41-16. When nonvested property interest or power of appointment created
(a) Except as provided in subsections (b) and (c) of this section and in G.S. 41-19(a), the time for creation of a nonvested property...
N.C. Gen. Stat. § 41-17. Reformation
Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor's manifested plan...
N.C. Gen. Stat. § 41-18. Exclusions from statutory rule against perpetuities
G.S. 41-15 does not apply to: (1) A nonvested property interest or a power of appointment arising out of a nondonative transfer, except a...
N.C. Gen. Stat. § 41-19. Prospective application
(a) Except as extended by subsection (b) of this section, this Article applies to a nonvested property interest or a power of appointment that...
N.C. Gen. Stat. § 41-20. Short title
This Article may be cited as the Uniform Statutory Rule Against Perpetuities. (1995, c. 190, s. 1.)
N.C. Gen. Stat. § 41-21. Uniformity of application and construction
This Article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this...
N.C. Gen. Stat. § 41-22. Supersession
This Article supersedes the rule of the common law known as the rule against perpetuities. (1995, c. 190, s. 1.)
N.C. Gen. Stat. § 41-23. Perpetuities and suspension of power of alienation for trusts
(a) A trust is void if it suspends the power of alienation of trust property, as that term is defined in G.S. 36C-1-103, for...
N.C. Gen. Stat. § 41-24. Reserved for future codification purposes
N.C. Gen. Stat. § 41-25. Reserved for future codification purposes
N.C. Gen. Stat. § 41-26. Reserved for future codification purposes
N.C. Gen. Stat. § 41-27. Reserved for future codification purposes

Article 3 - Time Limits on Options in Gross and Certain Other Interests in Land.

N.C. Gen. Stat. § 41-28. Definitions
As used in this Article: (1) "Nonvested easement in gross" means a nonvested easement which is not created to benefit or which does not...
N.C. Gen. Stat. § 41-29. Options in gross, etc
An option in gross with respect to an interest in land or a preemptive right in the nature of a right of first refusal...
N.C. Gen. Stat. § 41-30. Leases to commence in the future
A lease to commence at a time certain or upon the occurrence or nonoccurrence of a future event becomes invalid if its term does...
N.C. Gen. Stat. § 41-31. Nonvested easements
A nonvested easement in gross becomes invalid if it does not actually vest within 30 years after its creation. (1995, c. 525, s. 1.)
N.C. Gen. Stat. § 41-32. Possibilities of reverter, etc
(a) Except as otherwise provided in this section: (1) A possibility of reverter preceded by a fee simple determinable; (2) A right of entry...
N.C. Gen. Stat. § 41-33. Prospective application
This Article applies only to a property interest or arrangement that is created on or after October 1, 1995. (1995, c. 525, s. 1.)
N.C. Gen. Stat. § 41-34. Reserved for future codification purposes
N.C. Gen. Stat. § 41-35. Reserved for future codification purposes
N.C. Gen. Stat. § 41-36. Reserved for future codification purposes
N.C. Gen. Stat. § 41-37. Reserved for future codification purposes
N.C. Gen. Stat. § 41-38. Reserved for future codification purposes
N.C. Gen. Stat. § 41-39. Reserved for future codification purposes

Article 4 - The Uniform Transfer on Death (TOD) Security Registration Act.

N.C. Gen. Stat. § 41-40. Definitions
In this Article, unless the context otherwise requires: (1) "Beneficiary form" means a registration of a security that indicates the present owner of the...
N.C. Gen. Stat. § 41-41. Registration in beneficiary form; sole or joint tenancy ownership
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more individuals with right of...
N.C. Gen. Stat. § 41-42. Registration in beneficiary form; applicable law
A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization...
N.C. Gen. Stat. § 41-43. Origination of registration in beneficiary form
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take...
N.C. Gen. Stat. § 41-44. Form of registration in beneficiary form
Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death"...
N.C. Gen. Stat. § 41-45. Effect of registration in beneficiary form
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership of the security until the owner's death....
N.C. Gen. Stat. § 41-46. Ownership on death of owner
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to...
N.C. Gen. Stat. § 41-47. Protection of registering entity
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in...
N.C. Gen. Stat. § 41-48. Nontestamentary transfer on death
(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the...
N.C. Gen. Stat. § 41-49. Terms, conditions, and forms for registration
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i)...
N.C. Gen. Stat. § 41-50. Short title; rules of construction
(a) This Article shall be known as and may be cited as the "Uniform TOD Security Registration Act". (b) This Article shall be applied...
N.C. Gen. Stat. § 41-51. Application of Article
This Article applies to registrations of securities in beneficiary form made before, on, or after October 1, 2005, by decedents dying on or after...

Last modified: March 23, 2014