Maine § 1021. - Definitions

§ 1021.. Definitions

As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings.   [PL 1987, c. 699, §1 (NEW).]

1.  Dependent.  "Dependent," with respect to an elderly person, means wholly or partially dependent upon one or more other persons for care or support, either emotional or physical, because the elderly person:

A. Suffers from a significant limitation in mobility, vision, hearing, emotional or mental functioning or the ability to read or write; or   [PL 1987, c. 699, §1 (NEW).]

B. Is suffering or recovering from a major illness or is facing or recovering from major surgery.   [PL 1987, c. 699, §1 (NEW).]

2.  Elderly person.  "Elderly person" means a person who is 60 years of age or older.

3.  Independent counsel.  "Independent counsel" means an attorney retained by the elderly dependent person to represent only that person's interests in the transfer.

4.  Less than full consideration.  "Less than full consideration," with respect to a transfer of property, means the transferee pays less than fair market value for the property or the transfer is supported by past consideration.

5.  Major transfer of personal property or money.  "Major transfer of personal property or money" means a transfer of money or items of personal property which represent 10% or more of the elderly dependent person's estate.

6.  Transfer.  "Transfer" includes, but is not limited to, a transfer under the Uniform Real Property Transfer on Death Act, but does not include testamentary transfers, which are outside the scope of this chapter. For purposes of this chapter, a transfer under the Uniform Real Property Transfer on Death Act occurs when the deed is executed or recorded.