Section 653 - DefinitionsIn this chapter, unless a deed indicates an intention to the contrary:
(1) "Convey" means to grant, sell, gift, lease, transfer, or encumber real property, with or without consideration, including the ability to revise or revoke a deed.(2) "Enhanced life estate deed" or "ELE Deed" means a deed in which:(A) the grantor expressly reserves a common law life estate;(B) the grantor expressly reserves the right to convey the property during the grantor's lifetime;(C) the grantee acquires a contingent remainder interest such that, prior to the death of the grantor, the grantee has no vested rights in the property; and(D) upon the death of the grantor, title vests in the surviving grantee or, for a deceased grantee, title passes pursuant to section 658 of this title, subject to encumbrances of record.(3) "Grantee" means one or more grantees and the grantee's heirs and assigns.(4) "Grantor" means one or more grantors, each of whom shall be a natural person, and the grantor's heirs and assigns.(5) "Revoke" means to negate an ELE deed and is accomplished when the grantor records a deed from the grantor to himself or herself.(6) "Revise" means to change the grantee on an ELE deed and is accomplished when the grantor records a new ELE deed to a grantee other than, or in addition to, the grantee named in the prior ELE deed. A revised deed supersedes and replaces a prior ELE deed. To add an additional grantee to an existing ELE deed, the new ELE deed must name all grantees.Added 2019, No. 145 (Adj. Sess.) , § 1, eff. 7/13/2020.