75-6-412. Effect of transfer on death deed during transferor‘s life. During a transferor’s life, a transfer on death deed does not:
(1)
affect an interest or right of the transferor or any other owner, including the right to transfer or encumber the property;
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Terms Used In Utah Code 75-6-412
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 who receives property under a transfer on death deed. See Utah Code 75-6-402
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 Utah Code 75-6-402
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
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Property: means an interest in real property located in this state that is transferable on the death of the owner. See Utah Code 75-6-402
Transfer on death deed: means a deed authorized under this part. See Utah Code 75-6-402
Transferor: means an individual, in their individual capacity, who makes a transfer on death deed. See Utah Code 75-6-402
(2)
affect an interest or right of a transferee, even if the transferee has actual or constructive notice of the deed;
(3)
affect an interest or right of the transferor’s secured or unsecured creditors or future creditors, even if they have actual or constructive notice of the deed;
(4)
affect the transferor’s or designated beneficiary‘s eligibility for any form of public assistance;
(5)
create a legal or equitable interest in favor of the designated beneficiary; or
(6)
subject the property to claims or process of the designated beneficiary‘s creditors.
