§ 28A-24-1. Definitions. - North Carolina Statutes

Article 24.

120‑HourSurvivorship Requirement; Revised Simultaneous Death Act.

§ 28A‑24‑1. Definitions.

In this Article:

(1)        "Co‑ownerswith right of survivorship" includes joint tenants in a joint tenancy withright of survivorship, tenants by the entireties, and other co‑owners ofproperty or accounts held under circumstances that entitle one or more to thewhole of the property or account on the death of the other or others.

(2)        "Governinginstrument" means a deed, will, trust, insurance or annuity policy,account with a POD designation, pension, profit sharing, retirement, or similarbenefit plan, instrument creating or exercising a power of appointment or apower of attorney, or a dispositive, appointive, or nominative instrument ofany similar type.

(3)        "Payor"means a trustee, insurer, business entity, employer, government, governmentalagency or subdivision, or any other person authorized or obligated by law or agoverning instrument to make payments. (1947, c. 1016, s. 1; 1973, c. 1329, s. 3; 2007‑132,s. 1.)