(1) This section shall be known and may be cited as the “Derrick Beard Act.”
(2) Any cosigner of a lease of a residential premises may terminate, and is presumed to have terminated, the lease before its expiration date upon the death of the lessee or, if there is more than one (1) lessee, upon the death of all lessees. The cosigner must provide notice to the lessor within thirty (30) days of the death of the lessee, or upon the death of all the lessees, if he or she chooses not to terminate the lease.
(3) The termination of a lease under this section shall not relieve the lessee’s estate or lessee’s cosigner from liability for:
(a) The payment of rent or other sums owed before the lessee’s death or the death of all lessees;
(b) The payment of rent or other sums owed for the remainder of the month or other thirty-day period during which the death occurred; or
(c) The payment of amounts necessary to restore the premises to its condition at the commencement of the tenancy, ordinary wear and tear excepted.
(4) Any attempted waiver by a lessor and lessee or lessee’s cosigner, by contract or otherwise, of the right of termination provided by this section shall be void and unenforceable.
(5) The provisions of this section shall apply to leases entered into or renewed from and after July 1, 2011.
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