Georgia HB 899: Contracts; legal effects of the discontinuance of LIBOR; provisions

Bill Text

26 LC 49 2771S
The House Committee on Judiciary offers the following substitute to HB 899:
A BILL TO BE ENTITLED
AN ACT
To amend Code Section 31-10-26 of the Official Code of Georgia Annotated, relating to1
certified copies of vital records, duplicates, and data, so as to provide for vital record access2
to certain grantee beneficiaries; to amend Chapter 17 of Title 44 of the Official Code of3
Georgia Annotated, relating to transfer-on-death deeds, so as to modify certain provisions4
regarding transfer-on-death deeds; to provide for property of solvent and of insolvent estates;5
to provide for the acceptance of a real estate transfer; to provide for revocation; to provide6
for limitations; to provide for curing defects; to amend Chapter 3 of Title 53 of the Official7
Code of Georgia Annotated, relating to year's support, so as to provide for precedence of8
transfer-on-death deeds; to provide for related matters; to provide for an effective date; to9
repeal conflicting laws; and for other purposes.10
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:11
SECTION 1.12
Code Section 31-10-26 of the Official Code of Georgia Annotated, relating to certified copies13
of vital records, duplicates and data, is amended by revising subparagraph (a)(1)(A) as14
follows:15
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"(A) A certified copy of a vital record in that registrar's or custodian's custody or16
abstract thereof to any applicant having a direct and tangible interest in the vital record,17
including, but not limited to, any grantee beneficiary designated by a record owner in18
a deed titling an interest in real estate in a transfer-on-death form as provided in19
subsection (a) of Code Section 44-17-2;"20
SECTION 2.21
Chapter 17 of Title 44 of the Official Code of Georgia Annotated, relating to22
transfer-on-death deeds, is amended by revising Code Section 44-17-2, relating to23
requirements, as follows:24
"44-17-2.25
(a)(1) An interest in real estate may be titled in a transfer-on-death form by recording a26
deed, signed by the record owner of the interest, designating a grantee beneficiary or27
beneficiaries of the interest.28
(2) The record owner shall have the same legal capacity required to enter into a contract29
in order to execute a transfer-on-death deed. Such deed shall transfer ownership of such30
interest upon the death of the record owner.31
(3) An attorney in fact shall not be authorized to execute a transfer-on-death deed on32
behalf of a record owner.33
(4) A transfer-on-death deed need not be supported by consideration.34
(5) In a transfer-on-death deed, the record owner shall be authorized but not restricted35
to:36
(A) Designate one or more alternate grantee beneficiaries whose property interests are37
contingent upon a primary grantee beneficiary who either predeceases the record owner38
or dies during the acceptance period before accepting the property; and39
(B) Convey a beneficiary interest to an express trust by naming the trustee as a40
designated grantee beneficiary.41
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(6) In a transfer-on-death deed, the record owner shall not be authorized to:42
(A) Create or declare an express trust pursuant to Code Section 53-12-20; or43
(B) Create a beneficial interest in real property pursuant to Article 8 of Chapter 12 of44
Title 53.45
(7) A real estate transfer tax declaration form shall not be filed with a transfer-on-death46
deed filed by the record owner.47
(b) The signature, consent, or agreement of or notice to a grantee beneficiary or48
beneficiaries of a transfer-on-death deed shall not be required for any purpose during the49
lifetime of the record owner.50
(c)(1) A transfer-on-death deed shall transfer ownership of the record owner's interest51
in real estate to each grantee beneficiary upon both of the following being complete after52
the death of the record owner:53
(A) Execution of the affidavit required by subsection (d) of this Code section; and54
(B) Recording such affidavit as required by subsection (e) of this Code section.55
(2) An interest in real estate passing pursuant to a transfer-on-death deed may be56
accepted by each designated grantee beneficiary who is either a sui juris individual, a57
trustee, or any other legal entity over which such individual has proper authority. If a58
designated grantee beneficiary is a ward or minor, a legal guardian or legal conservator59
may accept such interest in real estate pursuant to a transfer-on-death deed on behalf of60
such ward or minor.61
(3) A designated grantee beneficiary shall not accept such interest in real estate on behalf62
of another designated grantee beneficiary, except as provided for in paragraph (2) of this63
subsection.64
(c)(d) Each designated grantee beneficiary wishing to To accept real estate pursuant to a65
transfer-on-death deed, a designated grantee beneficiary shall execute an affidavit66
affirming:67
(1) Verification of the record owner's death;68
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