Section 15-15-401 - Definitions

As used in this part 4, unless the context otherwise requires:(1) 'Beneficiary deed' means a deed, subject to revocation by the owner, which conveys an interest in real property and which contains language that the conveyance is to be effective upon the death of the owner and which may be in substantially the form described in section 15-15-404.(2) 'Deed' means any instrument of conveyance of real property.(3) 'Grantee-beneficiary' means one or more persons or entities capable of holding title to real property designated in a beneficiary deed to receive an interest in real property upon the death of the owner. 'Grantee-beneficiary' includes, but is not limited to, a successor grantee-beneficiary.(4) 'Owner' means the grantor of a beneficiary deed.(5) 'Successor grantee-beneficiary' means the person or entity designated in a beneficiary deed to receive an interest in the property if the primary grantee-beneficiary does not survive the owner.(6)(a) 'Transfer', when used as a verb, means to convey.(b) 'Transfer', when used as a noun, means a conveyance.L. 2004: Entire part added, p. 727, § 1, effective August 4.