In AS 13.33.301 – 13.33.310, (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) “POD” means “pay on death”; (3) “register,” including its […]
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 […]
(a) A security may be registered in beneficiary form if the form is authorized by this or a similar TOD statute of the state of (1) organization of the issuer or registering entity; (2) the registering entity’s principal office; (3) the office of the registering entity’s transfer agent or the registering entity’s office making the […]
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 words “pay on death” or the abbreviation “POD,” after the name of the registered owner and before the name of a beneficiary.
The designation of a TOD beneficiary on a registration in beneficiary form does not have an 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.
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 form […]
(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 AS 13.33.301 – 13.33.310. (b) By […]
(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 AS 13.33.301 – 13.33.310 and is not testamentary. (b) AS 13.33.301 – 13.33.310 do not limit the rights of creditors of security owners against beneficiaries […]
(a) 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 and for 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 […]
