Senate Bill 193 proposes several amendments to existing laws regarding the transfer of real property, the termination of a decedent's property interests, the disbursement of deposits in real property wholesaler contracts, and the filing of satisfactions of judgment. Notably, the bill modifies the process for revoking a transfer on death (TOD) beneficiary designation, requiring that revocation be executed through a specific instrument acknowledged by the owner and recorded with the register of deeds. It also clarifies that revocation by one owner does not affect the interests of other owners in cases of joint ownership. Additionally, the bill allows for the submission of the most recent property tax bill to obtain evidence of a decedent's terminated property interests, rather than the previous year's bill.

Furthermore, the bill streamlines the process for disbursing deposits after a contract rescission, ensuring that individuals holding deposits can return them to the appropriate party without liability. It also updates the requirements for filing satisfactions of judgment, allowing an original satisfaction signed by the owner to be filed in counties where the judgment was entered, rather than requiring a certified copy from the original county. These changes aim to simplify and clarify the legal processes surrounding real property transactions and judgments.

Statutes affected:
Bill Text: 710.13(3)(title), 710.13, 806.22(title), 806.22, 867.045(1)(j), 867.045, 867.046(2)(i), 867.046