29A-6-402. Definitions.

161 words·~1 min read·/sd/title-29/chapter-29-6/29a-6-402

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Terms used in this part mean:

(1)"Beneficiary," a person who receives property under a transfer on death deed;

(2)"Designated beneficiary," a person designated to receive property in a transfer on death deed;

(3)"Joint owner," any individual who owns property concurrently with one or more other individuals with a right of survivorship. The term includes a joint tenant with a right of survivorship. The term does not include a tenant in common;

(4)"Person," an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity;

(5)"Property," an interest in real property located in this state which is transferable on the death of the owner;

(6)"Transfer on a death deed," a document authorized under this part and is considered a governing instrument as defined by subdivision 29A-1-201(19);

(7)"Transferor," any individual who makes a transfer on a death deed.