Maine Revised Statutes Title 18-C Sec. 6-412 – Effect of transfer on death deed during transferor’s life
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During a transferor‘s life, a transfer on death deed does not: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1. Affect interest or right of transferor or other owner. Affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;
[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. 6-412
- 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
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Transferor: means an individual who makes a transfer on death deed. See Maine Revised Statutes Title 18-C Sec. 6-402
2. Affect interest or right of transferee. Affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3. Affect interest or right of creditor. Affect an interest or right of a secured or unsecured creditor or future creditor of the transferor, even if the creditor has actual or constructive notice of the deed;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4. Affect eligibility or public assistance. Affect the transferor’s or designated beneficiary‘s eligibility for any form of public assistance;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
5. Create legal or equitable interest. Create a legal or equitable interest in favor of the designated beneficiary; or
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
6. Subject the property to claims or process. Subject the property to claims or process of a creditor of the designated beneficiary.
[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).