North Carolina General Statutes 41-70. Definitions
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For the purposes of this Article, the following definitions apply:
(1) Conveyance. – A transfer of title to real or personal property by deed, devise, assignment, or other means of transferring title.
Terms Used In North Carolina General Statutes 41-70
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(2) Termination. – A severance of the right of survivorship resulting in the creation of a tenancy in common as provided in this Article. The term is used in the context of an estate with a joint tenancy with a right of survivorship. (2020-50, s. 2(a), (c).)