Effect of transfer on death deed at transferor's death

Except as otherwise provided in the transfer on death deed, in this section, §§ 29A-2-603 , 29A-2-701 , 29A-2-802 , or 29A-2-803 , revocation by divorce or homicide, survival and simultaneous death, and elective share, on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death: (1) Subject to subdivision (2), the interest in the property is transferred to the designated beneficiary, or when necessary, to the contingent beneficiary in accordance with the deed. (2) The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of any designated or contingent beneficiary who fails to survive the transferor by one hundred twenty hours lapses unless survival is specifically waived or modified as provided by §