HB3499 S JUD AM #1 3-2
Viglianco 7888
The Committee on the Judiciary moved to amend the bill by striking out everything after the enacting clause and inserting in lieu thereof the following:
(a) Subject to subsection (b) of this section, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument:
(1) Is one of the following:
(A) A transfer on death deed that revokes the deed or part of the deed expressly or by inconsistency;
(B) An instrument of revocation that expressly revokes the deed or part of the deed; or
(C) An inter vivos deed that expressly revokes the transfer on death deed or part of the deed As to property that was described in a transfer on death deed made by a transferor and previously recorded, an inter vivos deed made by the same transferor that conveys the same real estate, or part thereof, whether or not the inter vivos deed expressly revokes the transfer on death deed, or part of the deed; and
(2) Is acknowledged by the transferor after the acknowledgment of the deed being revoked and recorded before the transferor's death in the public records in the office of the clerk of the county commission of the county where the deed is recorded.
(b) If a transfer on death deed is made by more than one transferor (1) Revocation revocation by a transferor does not affect the deed as to the interest of another transferor; and (2) A a deed of joint owners is revoked only if it is revoked by all of the living joint owners.
(c) After a transfer on death deed is recorded it may not be revoked by a revocatory act on the deed.
(d) This section does not limit the effect of an inter vivos transfer of the property.
(a) Except as otherwise provided in the transfer on death deed in this article, section six, article one, chapter forty-one of this code §41-1-6 of this code, section three, article three, chapter forty-one of this code §41-3-3 of this code, article three, chapter forty-two of this code §42-3-1, et seq. of this code, section two, article four, chapter forty-two of this code §42-§4-2 of this code, or article five, chapter forty-two of this code §42-5-1, et seq. of this code, on the death of the transferor the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death:
(1) Subject to subdivision (2) of this subsection, the interest in the property is transferred to the designated beneficiary in accordance with the deed.
(2) The interest of a designated beneficiary, when there is only one beneficiary designated, is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor, when there is only one beneficiary designated, lapses.
(3) Subject to subdivision (4) of this subsection, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship, unless the deed specifies otherwise, as tenants in common or with right of survivorship if the deed specifies joint tenancy with right of survivorship.
(4) If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the property, the share of one which lapses or fails for any reason is transferred to the other, or to the others in proportion to the interest of each in the remaining part of the property held concurrently as tenants in common or with right of survivorship if the deed specifies joint tenancy with the right of survivorship.
(b) Subject to article two, chapter thirty-nine and chapter thirty-eight of this code §39-2-1, et seq., and §38-1-1, et seq. of this code, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens and other interests to which the property is subject at the transferor’s death. For purposes of this subsection, article two, chapter thirty-nine and chapter thirty-eight of this code, §39-2-1, et seq, and §38-1-1, et seq. of this code, the recording of the transfer on death deed is deemed to have occurred at the transferor’s death.
(c) If a transferor is a joint owner with other joint owners with right of survivorship and is:
(1) Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship; or
(2) The last surviving joint owner, the transfer on death deed is effective.
(d) If a transferor is an owner with other owners as tenants in common, the transfer on death deed is only effective as to the interest in the property which was held by the transferor.
(e) A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.
(f) The amendments to this section, enacted during the 2023 regular session of the Legislature, shall apply only to transfer on death deeds recorded after the effective date of this section.
Adopted
Rejected