Section 1021 - DefinitionsAs 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" includes, but is not limited to, a transfer under the Uniform Real Property Transfer on Death Act, but does not include testamentary transfers, which are outside the scope of this chapter. For purposes of this chapter, a transfer under the Uniform Real Property Transfer on Death Act occurs when the deed is executed or recorded. [2017, c. 402, Pt. E, §1(AMD); 2019, c. 417, Pt. B, §14(AFF).]
Amended by 2019, c. 417,§ B-14, eff. 6/20/2019.Amended by 2018, c. 402,§ E-1, eff. 7/1/2019.1987, c. 699, § 1 (NEW) . 1989, c. 238, §§1,4 (AMD) .