Maine Revised Statutes Title 33 Sec. 1021 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1987, c. 699, §1 (NEW).]
1. Dependent. “Dependent,” with respect to an elderly person, means wholly or partially dependent upon one or more other persons for care or support, either emotional or physical, because the elderly person:
A. Suffers from a significant limitation in mobility, vision, hearing, emotional or mental functioning or the ability to read or write; or [PL 1987, c. 699, §1 (NEW).]
B. Is suffering or recovering from a major illness or is facing or recovering from major surgery. [PL 1987, c. 699, §1 (NEW).]
[PL 1987, c. 699, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 33 Sec. 1021
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Dependent: A person dependent for support upon another.
- Elderly person: means a person who is 60 years of age or older. See Maine Revised Statutes Title 33 Sec. 1021
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Independent counsel: means an attorney retained by the elderly dependent person to represent only that person's interests in the transfer. See Maine Revised Statutes Title 33 Sec. 1021
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Transfer: includes , but is not limited to, a transfer under the Uniform Real Property Transfer on Death Act, but does not include testamentary transfers, which are outside the scope of this chapter. See Maine Revised Statutes Title 33 Sec. 1021
2. Elderly person. “Elderly person” means a person who is 60 years of age or older.
[PL 1987, c. 699, §1 (NEW).]
3. Independent counsel. “Independent counsel” means an attorney retained by the elderly dependent person to represent only that person’s interests in the transfer.
[PL 1987, c. 699, §1 (NEW).]
4. Less than full consideration. “Less than full consideration,” with respect to a transfer of property, means the transferee pays less than fair market value for the property or the transfer is supported by past consideration.
[PL 1987, c. 699, §1 (NEW).]
5. Major transfer of personal property or money. “Major transfer of personal property or money” means a transfer of money or items of personal property which represent 10% or more of the elderly dependent person’s estate.
[PL 1987, c. 699, §1 (NEW).]
6. Transfer. “Transfer” includes, but is not limited to, a transfer under the Uniform Real Property Transfer on Death Act, but does not include testamentary transfers, which are outside the scope of this chapter. For purposes of this chapter, a transfer under the Uniform Real Property Transfer on Death Act occurs when the deed is executed or recorded.
[PL 2017, c. 402, Pt. E, §1 (AMD); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 1987, c. 699, §1 (NEW). PL 1989, c. 238, §§1,4 (AMD). PL 2017, c. 402, Pt. E, §1 (AMD). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).