Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=SB159%20SUB1.htm&yr=2013&sesstype=RS&i=159
Timestamp: 2018-04-21 13:34:33
Document Index: 624927011

Matched Legal Cases: ['§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§36', '§7001', '§7001', '§7003']

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §36-12-1, §36-12-2, §36-12-3, §36-12-4, §36-12-5, §36-12-6, §36-12-7, §36-12-8, §36-12-9, §36-12-10, §36-12-11, §36-12-12, §36-12-13, §36-12-14, §36-12-15, §36-12-16 and §36-12-17, all relating to creating the Uniform Real Property Transfer on Death Act; authorizing the transfer of real property effective at the time of a transferor’s death; providing for applicability and nonexclusivity of this method of transferring real property; providing that a transfer on death deed is revocable and nontestamentary; establishing the capacity of transferor; setting forth requirements for a transfer of death deed; providing that transfer of death deed exempt from payment of excise tax on the privilege of transferring real estate; providing that notice, delivery, acceptance or consideration are not required; providing requirements for revocation of deed; setting forth the effect of transfer on death deed during a transferor’s life and effect of the deed at transferor’s death; providing for disclaimer; providing for liberal construction; providing for uniformity of application and construction; setting forth the article’s relation to the Electronic Signatures in Global and National Commerce Act; and defining terms.
This article modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 U. S. C. §7001, et seq., but does not modify, limit or supersede section 101(c) of that act, 15 U. S. C. §7001(c) or authorize electronic delivery of any of the notices described in section 103(b) of that act, 15 U. S. C. §7003(b).
(NOTE: The bill creates the Real Property Transfer on Death Act. The bill enables an owner of real property to pass the property simply and directly to a beneficiary upon the owner's death without probate. The bill permits real property to be transferred by operation of law by means of a recorded transfer on death deed. The bill permits, on an owner's death, the property to pass to the beneficiary, much like the survivorship feature of joint tenancy. The bill also provides that the owner retains full power to transfer or encumber the property or to revoke the transfer on death deed. Thirteen states have enacted legislation authorizing a transfer on death deed: Missouri, Kansas, Ohio, New Mexico, Arizona, Nevada, Colorado, Arkansas, Wisconsin, Montana, Oklahoma, Minnesota and Indiana.