Terms Used In Maine Revised Statutes Title 18-C Sec. 6-402

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Beneficiary: means a person that receives property under a transfer on death deed. See Maine Revised Statutes Title 18-C Sec. 6-402
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Joint owner: includes a joint tenant. See Maine Revised Statutes Title 18-C Sec. 6-402
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, corporation, estate, trustee, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity. See Maine Revised Statutes Title 18-C Sec. 6-402
• Property: means an interest in real property located in this State that is transferable on the death of the owner. See Maine Revised Statutes Title 18-C Sec. 6-402
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Transfer on death deed: means a deed authorized under this Part. See Maine Revised Statutes Title 18-C Sec. 6-402
• Transferor: means an individual who makes a transfer on death deed. See Maine Revised Statutes Title 18-C Sec. 6-402
• Trustee: A person or institution holding and administering property in trust.