2025 Session
Last amended: 1992 session
§ 524.6-306 — Effect of Registration in Beneficiary Form
Plain-Language Summary
This section explains the legal effect of registering securities in beneficiary (transfer-on-death) form. Naming a TOD beneficiary does not affect ownership while the owner is alive, so the owner keeps full control until death. The sole owner, or all surviving owners together, may cancel or change the beneficiary designation at any time without the beneficiary's consent.
524.6-306 EFFECT OF REGISTRATION IN BENEFICIARY FORM.
The designation of a 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 owners without the consent of the beneficiary.
History:
History: History:
1992 c 461 art 2 s 6
Practical Notes
A TOD beneficiary on securities has no rights until the owner dies, and the owner can revoke or replace the beneficiary at any time without telling or getting permission from the named beneficiary. Because the designation is revocable, review it periodically to make sure it still reflects your wishes.