Section 524.6-304 — Origination Of Registration In Beneficiary Form.
524.6-304 ORIGINATION OF REGISTRATION IN BENEFICIARY FORM. 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. History: 1992 c 461 art 2 s 4
Section 524.6-305 — Form Of Registration In Beneficiary Form.
524.6-305 FORM OF REGISTRATION IN BENEFICIARY FORM. 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: 1992 c 461 art 2 […]
Section 524.6-306 — Effect Of Registration In Beneficiary Form.
524.6-306 EFFECT OF REGISTRATION IN BENEFICIARY FORM. The designation of a TOD beneficiary on a registration in beneficiary form has no effect on 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 then surviving owners without the […]
Section 524.6-307 — Death Of Owner; Creditors.
524.6-307 DEATH OF OWNER; CREDITORS. Subdivision 1. Ownership on death of owner. 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. On proof of death of all owners and compliance with any […]
Section 524.6-308 — Protection Of Registering Entity.
524.6-308 PROTECTION OF REGISTERING ENTITY. (a) 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 by sections […]
Section 524.6-210 — Financial Institution Protection; Payment Of P.o.d. Account.
524.6-210 FINANCIAL INSTITUTION PROTECTION; PAYMENT OF P.O.D. ACCOUNT. Any P.O.D. account may be paid, on request, to any original party to the account. Payment of the interest of a P.O.D. payee may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to […]
Section 524.6-211 — Financial Institution Protection; Discharge.
524.6-211 FINANCIAL INSTITUTION PROTECTION; DISCHARGE. Payment made pursuant to sections 524.6-208 to 524.6-210 discharges the financial institution from all claims for amounts so paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees, or beneficiaries by will or otherwise, or their successors. The protection here […]
Section 524.6-212 — Financial Institution Protection; Setoff.
524.6-212 FINANCIAL INSTITUTION PROTECTION; SETOFF. Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to a financial institution, the financial institution has a right to setoff against the account in which the party has or had immediately before death […]
Section 524.6-213 — Forms.
524.6-213 FORMS. Subdivision 1. Survivorship account. Deposits made using a form of account containing the following language signed by the depositor shall be conclusive evidence of the intent of the depositor, in the absence of fraud or misrepresentation, subject, nevertheless, to other disposition made by will as provided in section 524.6-204, clause (d), to establish […]
Section 524.6-214 — Citation.
524.6-214 CITATION. Sections 524.6-201 to 524.6-214 may be cited as the “Minnesota Multiparty Accounts Act.” History: 1973 c 619 s 1; 1987 c 384 art 2 s 1; 1994 c 472 s 63