(a) Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. (b) Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants […]
(a) A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity’s principal office, the office of its transfer agent or its office making the registration, or by this or a […]
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
Registration in beneficiary form may be shown by the words “transfer-on-death” or the abbreviation “TOD”, or by the words “pay on death” or the abbreviation “POD”, after the name of the registered owner and before the name of a beneficiary.
(a) The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. (b) A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.
(a) On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. (b) On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form […]
(a) (1) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. (2) If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this title. (b) By accepting a request for […]
(a) A transfer-on-death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this title and is not testamentary. (b) This title does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this […]
(a) (1) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for: (i) Registrations in beneficiary form; and (ii) Implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. (2) The […]
(a) This title may be cited as the Maryland Uniform TOD Security Registration Act. (b) This title shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this title among states enacting it. (c) Unless displaced by the particular provisions of this title, […]
This title applies to registrations of securities in beneficiary form made before or after October 1, 1994, by decedents dying on or after October 1, 1994.
