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The UCC achieved the goal of substantial uniformity in commercial laws and, at the same time, allowed the states the flexibility to meet local circumstances by modifying the UCC's text as enacted in each state. The UCC deals primarily with transactions involving personal property (movable property) and not real property (immovable property).
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
Transactions where security interests are taken in real property are regulated not by Article 9, but by real property laws that vary among jurisdictions. However, the assignment or conveyance of a contract secured by real property may be regulated by Article 3 to the extent that the contract is a negotiable instrument. Both must be ...
Devise – testamentary gift of real property. Devisee – beneficiary of real property under a will. Distribution – succession to personal property. Executor/executrix or personal representative [PR] – person named to administer the estate, generally subject to the supervision of the probate court, in accordance with the testator's wishes ...
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In modern law, the terms inheritance and heir refer exclusively to succession to property by descent from a deceased dying intestate. Takers in property succeeded to under a will are termed generally beneficiaries, and specifically devises for real property, bequests for personal property (except money), or legatees for money.
In addition to the more typical disclaimer under wills, an individual may also be able to disclaim his interest as the beneficiary of a life insurance policy or employee benefit plans. It may also apply to concurrent interests in real property that automatically transfer after death by operation of law rather than by the rules of inheritance ...
4. Take the tax break if you’re entitled to it. An inherited IRA may be taxable, depending on the type. If you inherit a Roth IRA, you’re free of taxes.