17-49a10. Registration in beneficiary form; terms, conditions and forms.
17-49a10
17-49a10. Registration in beneficiary form; terms, conditions and forms.
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 (b) 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 beneficiary. The terms and conditions
so established may provide for proving death, avoiding or resolving any
problems concerning fractional shares, designating primary and contingent
beneficiaries and substituting a named beneficiary's descendants to take in the
place of the named beneficiary in the event of the beneficiary's death.
Substitution may be indicated by appending to the name of the primary
beneficiary the letters LDPS, standing for "lineal descendants per stirpes."
This designation substitutes a deceased beneficiary's descendants who survive
the owner for a beneficiary who fails to so survive, the descendants to be
identified and to share in accordance with the law of the beneficiary's
domicile at the owner's death
governing inheritance by descendants of an intestate. Other forms of
identifying beneficiaries who are to take on one or more contingencies, and
rules for providing proofs and assurances needed to satisfy reasonable concerns
by registering entities regarding conditions and identities relevant to
accurate implementation of registrations in beneficiary form, may be contained
in a registering entity's terms and conditions.
History: L. 1994, ch. 44, § 10; July 1.