§ 15-15-407 — Vesting of ownership in grantee-beneficiary

Colorado § 15-15-407

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Nonprobate Transfers on Death

Text

(1) Title to the
interest in real property transferred by a beneficiary deed shall vest in the
designated grantee-beneficiary only on the death of the owner.

(2) A grantee-beneficiary of a beneficiary deed takes title to the owner's
interest in the real property conveyed by the beneficiary deed at the death of the
owner subject to all conveyances, encumbrances, assignments, contracts,
mortgages, liens, and other interests, affecting title to the property, whether
created before or after the recording of the beneficiary deed, or to which the owner
was subject during the owner's lifetime including, but not limited to, any executory
contract of sale, option to purchase, lease, license, easement, mortgage, deed of
trust, or other lien. The grantee-beneficiary also takes title subject to any interest in
the property of which the grantee-beneficiary has either actual or constructive
notice.

(3) (a) A person having an interest described in subsection (2) of this section
whose interest is not recorded in the records of the office of the clerk and recorder
of the county in which the property is located at the time of the death of the owner,
shall record evidence or a notice of the interest in the property not later than four
months after the death of the owner. The notice shall name the person asserting
the interest, describe the real property, and describe the nature of the interest
asserted.

(b) Failure to record evidence or notice of interest in the property described
in subsection (2) of this section within four months after the death of the owner
shall forever bar the person from asserting an interest in the property as against all
persons who do not have notice of the interest. A person who, without notice,
obtains an interest in the property acquired by the grantee-beneficiary shall take
the interest free from all persons who have not recorded their notice of interest in
the property or evidence of their interest prior to the expiration of the four-month
period.

(4) The interest of the grantee-beneficiary shall be subject to any claim of
the department of health care policy and financing for recovery of medical
assistance payments pursuant to section 25.5-4-301 or 25.5-4-302, C.R.S., which
shall be enforced in accordance with section 15-15-103.

(5) The provisions of any anti-lapse statute shall not apply to beneficiary
deeds. If one of multiple grantee-beneficiaries fails to survive the owner, and no
provision for such contingency is made in the beneficiary deed, the share of the
deceased grantee-beneficiary shall be proportionately added to, and pass as a part
of, the shares of the surviving grantee-beneficiaries.

Legislative History

Source: L. 2004: Entire part added, p. 730, � 1, effective August 4. L. 2006: (4) amended, p. 2004, � 56, effective July 1. L. 2007: (4) amended, p. 2028, � 31, effective June 1.