700.6301 Definitions. Sec. 6301. As used in this part: (a) “Beneficiary form” means a registration of a security that indicates the present owner of the security and the owner’s intention regarding the person who will become the security’s owner upon the owner’s death. (b) “Register” means to issue a certificate showing the ownership of a […]
700.6302 Registration in beneficiary form; sole or joint tenancy ownership. Sec. 6302. Only an individual whose registration of a security shows sole ownership by 1 individual or multiple ownership by 2 or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered […]
700.6303 Registration in beneficiary form; applicable law. Sec. 6303. 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, or the office of its transfer agent or […]
700.6304 Origination of registration in beneficiary form. Sec. 6304. Whether evidenced by certificate or account, a security 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. History: 1998, Act 386, Eff. Apr. 1, […]
700.6305 Form of registration in beneficiary form. Sec. 6305. 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. History: 1998, Act 386, […]
700.6306 Effect of registration in beneficiary form. Sec. 6306. The designation of a TOD beneficiary on a registration in beneficiary form does not affect ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all the surviving owners without […]
700.6307 Ownership on death of owner. Sec. 6307. 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 survived all owners. On proof of death of all owners and compliance with any applicable requirements of the […]
700.6308 Protection of registering entity. Sec. 6308. (1) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. 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 […]
700.6309 Nontestamentary transfer on death. Sec. 6309. (1) 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 part, and is not testamentary. (2) This part does not limit the rights of creditors of security […]
700.6310 Terms, conditions, and forms for registration. Sec. 6310. (1) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registrations in beneficiary form or for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations […]
