my mother is on the mortgage with my husband and I. We have filed a quit claim deed at the courthouse. Now my mom is terminal with cancer and my question is, will we be held responsible for her dept , ie. credit cards, ect. and can any of her creditors put a lean against our home after she is deceased?
2 Answers from Attorneys
By statute, conveyances of land made to defraud creditors may be declared void. Miss.Code Ann. § 15-3-3 (Rev.1995). Two exceptions are conveyances that are made "upon good consideration" and conveyances, although fraudulent, which are made prior to the incurring of a debt with a creditor. Miss.Code Ann. § 15-3-5 (Rev.1995). However, a conveyance, although fraudulent, and made prior to debts being incurred with subsequent creditors may be set aside if the conveyance was "with intent to defraud" those subsequent creditors.
After sending the previous response I found that Section 15-3-3 has been repealed and replaced by the "Uniform Fraudulent Transfer Act" which is more specific and favorable to creditors. Sections 15-3-101 et seq. of the Mississippi Code Annotated. which can be viewed at the Mississippi Secretary of State's website