Connecticut General Statutes 52-503g – Definitions
As used in this section and sections 52-503h to 52-503r, inclusive:
Terms Used In Connecticut General Statutes 52-503g
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- 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.
- Intestate: Dying without leaving a will.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(1) “Ascendant” means an individual who precedes another individual in lineage, in the direct line of ascent from the other individual;
(2) “Collateral” means an individual who is related to another individual under the law of intestate succession of this state but who is not the other individual’s ascendant or descendant;
(3) “Descendant” means an individual who follows another individual in lineage, in the direct line of descent from the other individual;
(4) “Determination of value” means a court order (A) determining the fair market value of heirs’ property under § 52-503k or 52-503o, or (B) adopting the valuation of the property agreed to by all cotenants;
(5) “Heirs’ property” means real property held in tenancy in common which satisfies all of the following requirements as of the date of filing a partition action:
(A) There is no agreement in a record binding all the cotenants which governs the partition of the property;
(B) One or more of the cotenants acquired title from a relative, whether living or deceased; and
(C) Any of the following apply:
(i) Twenty per cent or more of the interests are held by cotenants who are relatives;
(ii) Twenty per cent or more of the interests are held by an individual who acquired title from a relative, whether living or deceased; or
(iii) Twenty per cent or more of the cotenants are relatives;
(6) “Partition by sale” means a court-ordered sale of the entire heirs’ property, whether by auction, sealed bids, or open-market sale conducted under § 52-503o;
(7) “Partition in kind” means the division of heirs’ property into physically distinct and separately titled parcels;
(8) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; and
(9) “Relative” means an ascendant, descendant or collateral or an individual otherwise related to another individual by blood, marriage, adoption or law of this state other than the provisions of sections 52-503f to 52-503r, inclusive.