Assembly Bill 195 proposes several amendments to existing laws regarding the transfer of real property upon death, the handling of real property wholesaler contracts, and the filing of satisfactions of judgment. 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 addresses the disbursement of deposits in real property wholesaler contracts, stating that individuals holding deposits may return them to the party that rescinds the contract without incurring liability. It also simplifies the process for filing satisfactions of judgment by allowing an original satisfaction signed by the owner or their attorney to be filed in other counties where the judgment has been entered. The bill includes various amendments and insertions to existing statutes to implement these changes effectively.

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