§ 424. Transfer on death deed. 1. Definitions. For the purposes of\nthis section the following terms shall have the following meanings:\n (a) "Beneficiary" means a person who receives property in a transfer\non death deed.\n (b) "Designated beneficiary" means a person designated to receive\nproperty in a transfer on death deed.\n (c) "Joint owner" means an individual who owns property concurrently\nwith one or more other individuals with a right of survivorship. The\nterm includes a joint tenant, owner of community property with a right\nof survivorship and tenant by the entirety. The term does not include a\ntenant in common or owner of community property without a right of\nsurvivorship.\n (d) "Person" includes a natural person, an association, board, any\ncorporation, whether municipal, stock or non-stock, court, governmental\nagency, authority or subdivision, partnership or other firm and the\nstate.\n (e) "Property" means an interest in real property located in this\nstate which is transferable on the death of the owner.\n (f) "Transfer on death deed" means a deed authorized under this\nsection.\n (g) "Transferor" means an individual who makes a transfer on death\ndeed.\n 2. Nonexclusivity. This section does not affect any method of\ntransferring property otherwise permitted under the law of this state.\n 3. Transfer on death deed authorized. An individual may transfer\nproperty to one or more beneficiaries effective at the transferor's\ndeath by a transfer on death deed.\n 4. Transfer on death deed revocable. A transfer on death deed is\nrevocable even if the deed or another instrument contains a contrary\nprovision.\n 5. Transfer on death deed nontestamentary. A transfer on death deed is\nnontestamentary.\n 6. Capacity of transferor. The capacity required to make or revoke a\ntransfer on death deed is the same as the capacity required to make a\nwill.\n 7. Requirements. A transfer on death deed:\n (a) except as otherwise provided in this subdivision, shall contain\nthe essential elements and formalities of a properly recordable inter\nvivos deed;\n (b) shall state that the transfer to the designated beneficiary is to\noccur at the transferor's death;\n (c) shall be signed by two witnesses who were present at the same time\nand who witnessed the signing of the transfer on death deed;\n (d) shall be acknowledged before a notary public; and\n (e) shall be recorded before the transferor's death in the public\nrecords in the county clerk's office of the county where the property is\nlocated in the same manner as any other type of deed.\n 8. Notice, delivery, acceptance, consideration not required. A\ntransfer on death deed shall be effective without:\n (a) notice or delivery to or acceptance by the designated beneficiary\nduring the transferor's life; or\n (b) consideration.\n 9. Revocation by instrument authorized; revocation by act not\npermitted.\n (a) Subject to paragraph (b) of this subdivision, an instrument shall\nbe effective to revoke a recorded transfer on death deed, or any part of\nit, only if the instrument:\n (1) is one of the following:\n (A) a transfer on death deed that revokes the deed or part of the deed\nexpressly or by inconsistency;\n (B) an instrument of revocation that expressly revokes the deed or\npart of the deed; or\n (C) an inter vivos deed that expressly revokes the transfer on death\ndeed or part of the deed; and\n (2) is acknowledged by the transferor after the acknowledgment of the\ndeed being revoked and recorded before the transferor's death in the\npublic records in the county clerk's office of the county where the deed\nis recorded.\n (b) If a transfer on death deed is made by more than one transferor:\n (1) revocation by a transferor shall not affect the deed as to the\ninterest of another transferor; and\n (2) a deed of joint owners shall only be revoked if it is revoked by\nall of the living joint owners.\n (c) After a transfer on death deed is recorded,
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