Effect of transfer on death deed at transferor's death

(a) Except as otherwise provided in the transfer on death deed, this section, or sections 560:2-202, 560:2-603, 560:2-702, 560:2-706, 560:2-707, 560:2-803, and 560:2-804, on the death of the transferor, the following shall apply to the subject property owned by the transferor at death: (1) Subject to paragraph (2), the interest in the subject property shall be transferred to the designated beneficiary in accordance with the deed; provided that, for property of which any portion is registered in the land court pursuant to chapter 501, a petition noting the death of the transferor and requesting that a new certificate of title be issued in the name of the designated beneficiary shall be filed and processed with the land court before the interest in the subject property is transferred; (2) The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor and the interest of a designated beneficiary that fails to survive the transferor shall lapse; (3) Subject to paragraph (4), concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship; and (4) If the transferor has identified two or more designated beneficiaries to receive concurrent interests in the subject property, any share that lapses or fails for any reason shall be transferred to the other beneficiaries in proportion to the interest of each in the remaining concurrently-held subject property. (b) Pursuant to the filing requirements of chapter 501 or the recording provisions of [chapter] 502, as applicable, a beneficiary shall take the subject property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens, and other interests to which the subject property is subject at the transferor's death. For purposes of this subsection and the filing provisions of chapter 501 or the recording provisions of chapter 502, the filing or recording of the transfer on death deed is deemed to have occurred at the transferor's death. (c) If a transferor is a joint owner and is survived by one or more other joint owners, the subject property shall belong to the surviving joint owner or owners with the right of survivorship and the transfer on death deed shall have no effect. If a transferor is a joint owner and is the last surviving joint owner, the transfer on death deed shall be effective. (d) A transfer on death deed transfers the subject property without covenant or warranty of title even if the transfer on death deed contains a contrary provision.