(a) When any property is limited, mediately or immediately, in an otherwise effective testamentary conveyance, in form or in effect, to the heirs or next of kin of the conveyor, or to a person or persons who on the death of the conveyor are some or all of his or her heirs or next of kin, the conveyees acquire the property by purchase and not by descent.
(b) When any property is limited in an otherwise effective conveyance inter vivos, in form or in effect, to the heirs or next of kin of the conveyor, which conveyance creates one (1) or more prior interests in favor of a person or persons in existence, the conveyance operates in favor of such heirs or next of kin by purchase and not by descent.