Maine Revised Statutes Title 18-C Sec. 6-413 – Effect of transfer on death deed at transferor’s death
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1. Upon death of transferor. Except as otherwise provided in the transfer on death deed, in this section or in section 2?507, 2?603, 2?802 or 2?805 or in Article 2, Part 2, 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.
A. Subject to paragraph B, the interest in the property is transferred to the designated beneficiary in accordance with the deed. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. Subject to paragraph D, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
D. If the transferor has identified 2 or more designated beneficiaries to receive concurrent interests in the property, the share of one that 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. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
Terms Used In Maine Revised Statutes Title 18-C Sec. 6-413
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Designated beneficiary: means a person designated to receive property in a transfer on death deed. See Maine Revised Statutes Title 18-C Sec. 6-402
- Joint owner: includes a joint tenant. 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
- 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
2. Subject to all interests. Subject to Title 33, section 201, 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 and Title 33, section 201, the recording of the transfer on death deed is deemed to have occurred at the transferor’s death.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. Joint owner. If a transferor is a joint owner and is:
A. 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 [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. The last surviving joint owner, the transfer on death deed is effective. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4. No covenant or warranty of title. A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).