41-62. Insurance coverage and character of proceeds.
Where property held as tenants by the entirety is insured, unless the parties by contract have provided what disposition should be made of the insurance proceeds, the policy and insurance proceeds inure to the benefit of the entire estate even though the policy was issued in the name of only one spouse and paid for by that spouse, and the insurance proceeds become divisible personal property held by the spouses as tenants in common. (2020-50, s. 1(a), (c).)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 5 - Tenancy by the Entirety.
§ 41-56 - Creation of tenancy by the entirety.
§ 41-57 - Presumption of gift by spouse furnishing consideration.
§ 41-58 - Possession and control of entireties property.
§ 41-59 - Income derived from entireties property.
§ 41-60 - Liability of entireties property for debts of spouses.
§ 41-61 - Reimbursement for expenditures made on entireties property.
§ 41-62 - Insurance coverage and character of proceeds.
§ 41-64 - Termination of tenancy by the entirety upon death of a spouse.
§ 41-65 - Entireties property conveyed to trusts.
§ 41-66 - Common law of tenancy by the entirety; equitable principles.