§ 4351. Definitions As used in this chapter: (1) “Beneficiary form” means a registration of a security that 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. (2) “Devisee” means any person designated in […]
§ 4352. Registration in beneficiary form; sole or joint tenancy ownership 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 […]
§ 4353. Registration in beneficiary form; 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 […]
§ 4354. 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 1999, No. 23, § 1.)
§ 4355. 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. (Added 1999, No. 23, § […]
§ 4356. 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 […]
§ 4357. 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 applicable requirements of the registering […]
§ 4358. 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 […]
§ 4359. Nontestamentary transfer on death (a) A transfer on death resulting from a registration in beneficiary form by an owner whose last domicile was in this State is effective by reason of the contract recording the registration between the owner and the registering entity and this chapter and is not testamentary. “Nonprobate transfer” means […]
§ 4360. Terms, conditions, and forms for registration (a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i) for registrations in beneficiary form and (ii) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary […]
