HB3499 HFA Fast 2-24 #1

Charnock 3919

Delegate Capito moves to amend the bill on page 1, by striking everything after the enacting clause and inserting the following:

Article 12. Uniform Real property transfer on death act.

36-12-13. Effect of transfer on death deed at transferor's death

1. 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.

NOTE: The purpose of this bill is to allow death deeds to specify joint tenancy with right of survivorship.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

Adopted

Rejected