[§509-3] Tenancy by the entirety when owners change relationship status. (a) When two individuals who hold property as tenants by the entirety enter into a different legal relationship with each other that also allows them to hold property as tenants by the entirety, their ownership as tenants by the entirety shall be continuous:
(1) If the new legal relationship is entered into simultaneously with the termination of the earlier legal relationship; or
(2) If the new legal relationship is entered into within ninety days after the termination of the earlier legal relationship; provided that no liens were perfected and attached on the property in the interim.
(b) The continuity of a tenancy by the entirety under this section shall apply to couples married under chapter 572, civil union partners under chapter 572B, and reciprocal beneficiaries under chapter 572C.
(c) Nothing in this section precludes any individuals from opting to hold their property in another manner as permitted under this chapter.
(d) Nothing in this section shall impact liens perfected and attached on the property after the earlier legal relationship was terminated and before [January 1, 2012]. [L 2012, c 267, §2]
Note
Section retroactive to January 1, 2012. L 2012, c 267, §20.
Revision Note
In subsection (d), "January 1, 2012" substituted for "the date this Act became law upon its approval". The approval date for Act 267 was July 6, 2012.
Section: Previous 509-1 509-2 509-3Last modified: October 27, 2016