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: (A) The right to transfer or encumber the real property that is the subject of the deed; (B) Homestead rights in the real property, if applicable; and (C) Ad valorem tax exemptions, including exemptions for residence homestead, persons sixty-five (65) years of age or older, persons with disabilities, and veterans; (2) Affect an interest or right of a transferee of the real property that is the subject of the deed, even if the transferee has actual or constructive notice of the deed; (3) 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; (4) Affect the transferor's or designated beneficiary's eligibility for any form of public assistance, subject to applicable federal law; (5) Constitute a transfer triggering a "due-on-sale" or similar clause; (6) Invoke statutory real estate notice or disclosure requirements; (7) Create a legal or equitable interest in favor of the designated beneficiary; or (8) Subject the real property to claims or process of a creditor of the designated beneficiary. Added by Laws, 2020, ch. 406, SB 2851,§ 12, eff. 7/1/2020. 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: (A) The right to transfer or encumber the real property that is the subject of the deed; (B) Homestead rights in the real property, if applicable; and (C) Ad valorem tax exemptions, including exemptions for residence homestead, persons sixty-five (65) years of age or older, persons with disabilities, and veterans; (2) Affect an interest or right of a transferee of the real property that is the subject of the deed, even if the transferee has actual or constructive notice of the deed; (3) 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; (4) Affect the transferor's or designated beneficiary's eligibility for any form of public assistance, subject to applicable federal law; (5) Constitute a transfer triggering a "due-on-sale" or similar clause; (6) Invoke statutory real estate notice or disclosure requirements; (7) Create a legal or equitable interest in favor of the designated beneficiary; or (8) Subject the real property to claims or process of a creditor of the designated beneficiary. Added by Laws, 2020, ch. 406, SB 2851,§ 12, eff. 7/1/2020. 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: (A) The right to transfer or encumber the real property that is the subject of the deed; (B) Homestead rights in the real property, if applicable; and (C) Ad valorem tax exemptions, including exemptions for residence homestead, persons sixty-five (65) years of age or older, persons with disabilities, and veterans; (2) Affect an interest or right of a transferee of the real property that is the subject of the deed, even if the transferee has actual or constructive notice of the deed; (3) 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; (4) Affect the transferor's or designated beneficiary's eligibility for any form of public assistance, subject to applicable federal law; (5) Constitute a transfer triggering a "due-on-sale" or similar clause; (6) Invoke statutory real estate notice or disclosure requirements; (7) Create a legal or equitable interest in favor of the designated beneficiary; or (8) Subject the real property to claims or process of a creditor of the designated beneficiary. Added by Laws, 2020, ch. 406, SB 2851,§ 12, eff. 7/1/2020. 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: (A) The right to transfer or encumber the real property that is the subject of the deed; (B) Homestead rights in the real property, if applicable; and (C) Ad valorem tax exemptions, including exemptions for residence homestead, persons sixty-five (65) years of age or older, persons with disabilities, and veterans; (A) The right to transfer or encumber the real property that is the subject of the deed; (B) Homestead rights in the real property, if applicable; and (C) Ad valorem tax exemptions, including exemptions for residence homestead, persons sixty-five (65) years of age or older, persons with disabilities, and veterans; (2) Affect an interest or right of a transferee of the real property that is the subject of the deed, even if the transferee has actual or constructive notice of the deed; (3) 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; (4) Affect the transferor's or designated beneficiary's eligibility for any form of public assistance, subject to applicable federal law; (5) Constitute a transfer triggering a "due-on-sale" or similar clause; (6) Invoke statutory real estate notice or disclosure requirements; (7) Create a legal or equitable interest in favor of the designated beneficiary; or (8) Subject the real property to claims or process of a creditor of the designated beneficiary.
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