Bill Text: GA SB499 | 2009-2010 | Regular Session | Introduced
Bill Title: Estates; provide for a tenancy in the entirety; exceptions
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-03-16 - Senate Read and Referred [SB499 Detail]
Download: Georgia-2009-SB499-Introduced.html
10 LC 29
4241
Senate
Bill 499
By:
Senator Seabaugh of the 28th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 6 of Title 44 of the Official Code of Georgia Annotated, relating
to estates, so as to provide for a tenancy in the entirety; to provide for
exceptions; to provide for related matters; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
6 of Title 44 of the Official Code of Georgia Annotated, relating to estates, is
amended by adding a new article to read as follows:
"ARTICLE
10
44-6-220.
(a)
On and after July 1, 2010, whenever a devise, conveyance, assignment, or other
transfer of real property to both husband and wife together shall be made and
the instrument of devise, conveyance, assignment, or transfer expressly declares
that the devise or conveyance is made to tenants by the entirety, the estate
created shall be deemed to be in tenancy by the entirety. Unless otherwise
assented to in writing by both tenants by the entirety, the estate in tenancy by
the entirety so created shall exist only if, and as long as, the tenants are and
remain married to each other and, upon the death of either such tenant, the
survivor shall retain the entire estate. Upon a judgment of dissolution of
marriage or of declaration of invalidity of marriage, the estate shall, by
operation of law, become a joint tenancy with right of survivorship until and
unless the court directs otherwise. A devise, conveyance, assignment, or other
transfer to two grantees who are not in fact husband and wife that purports to
create an estate by the entirety shall be construed as having created an estate
in joint tenancy. An estate in tenancy by the entirety may be created
notwithstanding the fact that a grantor is or the grantors are also named as a
grantee or the grantees in a deed. No deed, contract for deed, mortgage, or
lease of real property held in tenancy by the entirety shall be effective unless
signed by both tenants. This Code section shall not apply to nor operate to
change the effect of any devise or conveyance that became effective before
July 1, 2010.
(b)
This Code section shall not be construed to repeal, modify, or limit in any way
either Code Section 14-5-8, relative to joint tenancy of shares and securities
of corporations, or Article 8 of Chapter 1 of Title 7, relative to
multiple-party accounts in financial institutions, or any other law relative to
multiple-party accounts in financial institutions. This Code section shall not
apply to any document, transaction, or right to which Code Section 14-5-8
applies or to multiple-party deposit accounts in any financial
institution.
(c)
Any married person owning property or any interest therein who desires to
convert such person's interest into a tenancy in the entirety with such person's
spouse may do so by direct conveyance to such spouse by an instrument of
conveyance which shall provide that it is the grantor's intent to create a
tenancy in the entirety in and to the entire interest in the property previously
held by the grantor.
(d)
The interest of a debtor spouse in property held as tenants in the entirety
shall not be subject to seizure or execution by a creditor of such debtor spouse
without the written consent of the nondebtor spouse.
(e)
Where property is held by a husband and wife as tenants in the entirety, either
spouse may by direct conveyance of such spouse's interest in the property vest
the other spouse with title to the property in fee simple.
(f)
Where property is held by a husband and wife as tenants in the entirety,
notwithstanding the legal meaning of such term and subsections (d) and (g) of
this Code section, such tenancy shall not protect the property held by tenants
in the entirety from any judgment or levy for alimony or child
support.
(g)
Except as provided in this Code section, neither spouse may sever, alienate, or
otherwise affect their interest in the tenancy in the entirety during the
marriage or upon separation without the written consent of both
spouses."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.