§ 3b-9-1

3B:9-1 Definitions. 3B:9-1. As used in this chapter: a. A 'present interest' is one to take effect in immediate possession, use or enjoyment without the intervention of a preceding estate or interest or without being dependent upon the happening of any event or thing; b. A 'future interest' is one to take effect in possession, use or enjoyment dependent upon the termination of an intervening estate or interest or the happening of any event or thing; c. A 'devisee' means any person designated in a will to receive a devise, but does not mean a trustee or trust designated in a will to receive a devise; d. The 'effective date' is the date on which a property right vests, or a contract right arises, even though the right is subject to divestment; e. 'Joint property' is property that is owned by two or more persons with rights of survivorship and includes a tenancy by the entirety, a joint tenancy, a joint tenancy with rights of survivorship and a joint life estate with contingent remainder in fee. For purposes of this chapter, joint property is deemed to consist of a present interest and a future interest. The future interest is the right of survivorship; f.

e with contingent remainder in fee. For purposes of this chapter, joint property is deemed to consist of a present interest and a future interest. The future interest is the right of survivorship; f. 'Joint tenant' is the co-owner of joint property. Amended 2004, c.132, s.63.