Definitions

As used in this Chapter:

(a)“Beneficiary” means a person who receives property under a transfer on death deed.

(b)“Contingent Beneficiary” means a person designated in a transfer on death deed to receive property if the primary beneficiary does not survive the transferor.

(c)“Designated beneficiary” means a person designated in a transfer on death deed to receive property.

(d)“Joint owner” means an individual who owns property concurrently with one or more individuals with a right of survivorship. The term includes a joint tenant and a tenant by the entirety but does not include a tenant in common.

(e)“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.

(f)“Property” means an interest in real property located on Guam that is transferable on the death of the owner.

(g)“Subject property” means real property or an interest in real property that is subject to a transfer on death deed.

(h)“Transfer on death deed” means a deed authorized under this chapter.

(i)“Transferor” means an individual who executes a transfer on death deed.