§6-301. Definitions As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Beneficiary form. “Beneficiary form” means a registration of a security that indicates the present owner of the security […]
§6-302. 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 2 or more individuals with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary […]
§6-303. Registration in beneficiary form; applicable law A security may be registered in beneficiary form if the form is authorized by this Part 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 the registering entity’s transfer agent or […]
§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. [PL 2017, c. 402, Pt. A, §2 (NEW); […]
§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. [PL 2017, c. 402, Pt. […]
§6-306. Effect of registration in beneficiary form The designation of a transfer on death, or “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 […]
§6-307. 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 entity, […]
§6-308. Protection of registering entity 1. Security registration in beneficiary form not required; protections. 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 […]
§6-309. Nontestamentary transfer on death 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. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, […]
§6-310. Terms, conditions and forms for registration 1. Terms and conditions. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests: A. For registrations in beneficiary form; and [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. […]
§6-311. Application of Part This Part applies to registrations of securities in beneficiary form made before, on or after September 1, 2019 by decedents dying on or after September 1, 2019. [PL 2019, c. 417, Pt. B, §8 (AMD).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. […]
