§71-901. Short title.
This act shall be known and may be cited as the “Oklahoma Uniform TOD Security Registration Act”. Added by Laws 1994, c. 208, § 1, eff. Sept. 1, 1994.
§71-902. Definitions.
As used in the Oklahoma Uniform TOD Security Registration Act, unless the context otherwise requires: 1. “Beneficiary form” means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner; […]
§71-903. Rules governing registration in beneficiary form.
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. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants […]
§71-904. Applicable law.
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 […]
§71-905. 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. Added by Laws 1994, c. 208, § 5, eff. Sept. 1, 1994.
§71-906. Form of registration.
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. Added by Laws 1994, c. 208, § 6, eff. Sept. 1, 1994.
§71-907. Effect of registration.
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 consent of the beneficiary. The designation of […]
§71-908. Ownership on death – Rights of creditors.
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. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary […]
§71-909. Protections for 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 this act. B. By accepting a […]
§71-910. Nonprobate transfer – Liability of transferees.
A. In this section, “nonprobate transfer” means a transfer described in subsection B of this section by an owner whose last domicile was in this state. B. 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 […]