Vermont Statutes Title 27 Sec. 655
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Terms Used In Vermont Statutes Title 27 Sec. 655
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Grantor: The person who establishes a trust and places property into it.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
§ 655. Acceptance or consideration not required; conveyance not permitted
(a) An enhanced life estate deed is effective without:
(1) acceptance by the designated grantee during the grantor‘s life; or
(2) consideration.
(b) A grantee named in an ELE deed shall not convey the grantee’s contingent remainder interest during the grantor’s lifetime, and any conveyance which attempts to do so is void. (Added 2019, No. 145 (Adj. Sess.), § 1, eff. July 13, 2020.)