17-49a10.   Registration in beneficiary form; terms, conditions and forms.A registering entity offering to accept registrations inbeneficiary form may establish the terms and conditions under which it willreceive requests (a) for registrations in beneficiary form, and (b) forimplementation of registrations in beneficiary form, including requests forcancellation of previously registered TOD beneficiary designations and requestsfor reregistration to effect a change of beneficiary. The terms and conditionsso established may provide for proving death, avoiding or resolving anyproblems concerning fractional shares, designating primary and contingentbeneficiaries and substituting a named beneficiary's descendants to take in theplace of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primarybeneficiary the letters LDPS, standing for "lineal descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who survivethe owner for a beneficiary who fails to so survive, the descendants to beidentified and to share in accordance with the law of the beneficiary'sdomicile at the owner's deathgoverning inheritance by descendants of an intestate. Other forms ofidentifying beneficiaries who are to take on one or more contingencies, andrules for providing proofs and assurances needed to satisfy reasonable concernsby registering entities regarding conditions and identities relevant toaccurate implementation of registrations in beneficiary form, may be containedin a registering entity's terms and conditions.

      History:   L. 1994, ch. 44, § 10; July 1.