Vermont § 654 Execution and recording of an enhanced life estate deed

Vermont Statutes

§ 654 — Execution and recording of an enhanced life estate deed

Vermont·Title 27 Title 27: Property·Ch. 6 Chapter 006: Enhanced Life Estate Deeds

(a)Subject to the rights expressly reserved in the deed, a validly executed and recorded ELE deed does not:

(1)affect the ownership rights of the grantor or the grantor’s creditors;

(2)transfer or convey any present right, title, or interest in the property or create any present legal or equitable interest in the grantee; or

(3)subject the grantor’s property to process from the grantee’s creditors.

(b)The grantor may convey the property described in an ELE deed, or any portion thereof, without the need for joinder by, consent from, agreement of, or notice to the grantee.

(c)If not previously conveyed during the lifetime of the grantor, upon the death of the grantor, subject to encumbrances of record, the interest stated in an ELE deed vests in the grantee or, for a deceased grantee,

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(a) Subject to the rights expressly reserved in the deed, a validly executed and recorded ELE deed does not:
(1) affect the ownership rights of the grantor or the grantor’s creditors;
(2) transfer or convey any present right, title, or interest in the property or create any present legal or equitable interest in the grantee; or
(3) subject the grantor’s property to process from the grantee’s creditors.
(b) The grantor may convey the property described in an ELE deed, or any portion thereof, without the need for joinder by, consent from, agreement of, or notice to the grantee.
(c) If not previously conveyed during the lifetime of the grantor, upon the death of the grantor, subject to encumbrances of record, the interest stated in an ELE deed vests in the grantee or, for a deceased grantee, the interest passes pursuant to section 658 of this title.
(d) An executed and recorded ELE deed shall be subject to the property transfer tax under 32 V.S.A. chapter 231. (Added 2019, No. 145 (Adj. Sess.), § 1, eff. July 13, 2020; amended 2021, No. 179 (Adj. Sess.), § 1, eff. January 1, 2022.)

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