Chapter 20: IMPROVIDENT TRANSFERS OF TITLE HEADING: PL 1987, C. 699, §1 (NEW)
§1021. Definitions
As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [1987, c. 699, §1 (NEW).]
1.Dependent.
"Dependent," with respect to an elderly person, means wholly or partially dependent upon one or more other persons for care
or support, either emotional or physical, because the elderly person:
A. Suffers from a significant limitation in mobility, vision, hearing, emotional or mental functioning or the ability to read
or write; or [1987, c. 699, §1 (NEW).]
B. Is suffering or recovering from a major illness or is facing or recovering from major surgery. [1987, c. 699, §1 (NEW).]
[
1987, c. 699, §1 (NEW)
.]
2.Elderly person.
"Elderly person" means a person who is 60 years of age or older.
[
1987, c. 699, §1 (NEW)
.]
3.Independent counsel.
"Independent counsel" means an attorney retained by the elderly dependent person to represent only that person's interests
in the transfer.
[
1987, c. 699, §1 (NEW)
.]
4.Less than full consideration.
"Less than full consideration," with respect to a transfer of property, means the transferee pays less than fair market
value for the property or the transfer is supported by past consideration.
[
1987, c. 699, §1 (NEW)
.]
5.Major transfer of personal property or money.
"Major transfer of personal property or money" means a transfer of money or items of personal property which represent 10%
or more of the elderly dependent person's estate.
[
1987, c. 699, §1 (NEW)
.]
6.Transfer.
"Transfer" does not include testamentary transfers, which are outside the scope of this chapter.
[
1989, c. 238, §1 (NEW)
.]
SECTION HISTORY
1987, c. 699, §1 (NEW).
1989, c. 238, §§1,4 (AMD).
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