§ 41-49. Terms, conditions, and forms for registration.
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§ 41-49. 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 designations and requests for reregistration to effect a change of beneficiary. The terms and conditions established may provide for proving death, avoiding or resolving any problems concerning fractional shares, and designating primary or contingent beneficiaries. 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.
(b)The following are illustrations of registrations in beneficiary form that a registering entity may authorize:
(1)Sole owner-sole beneficiary: "John S. Brown TOD (or POD) John S. Brown, Jr."
(2)Multiple owners-sole beneficiary: "John S. Brown, Mary B. Brown JT TEN WROS TOD John S. Brown, Jr."
(3)Multiple owners-primary and secondary (substituted) beneficiaries: "John S. Brown, Mary B. Brown JT TEN WROS TOD John S. Brown, Jr. SUB BENE Peter O. Brown". (2005-411, s. 1.)