Terms, conditions, and forms for registration
Sec. 15. (a) A registering entity offering to accept registrations in
beneficiary form may establish the terms and conditions under which
it will receive requests:
(1) for registrations in beneficiary form; and
(2) 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.
(b) The terms and conditions established under subsection (a) may
provide for the following:
(1) Proving death.
(2) Avoiding or resolving any problems concerning fractional
shares.
(3) Designating primary and contingent beneficiaries.
(4) Substituting a named beneficiary's descendants to take in the
place of the named beneficiary if the beneficiary has died.
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 survive the owner, 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.
(c) In addition to the items described in subsection (b), terms and
conditions established under subsection (a) may also include:
(1) other forms of identifying beneficiaries who are to take on
one (1) or more contingencies; and
(2) 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.
(d) The following are illustrations of registrations in beneficiary
form that a registering entity may authorize:
(1) Sole owner-sole beneficiary: John S. Brown T.O.D. (or
P.O.D.) John S. Brown, Jr.
(2) Multiple owners-sole beneficiary: John S. Brown, Mary B.
Brown, JT TEN, T.O.D. John S. Brown, Jr.
(3) Multiple owners-primary and secondary (substituted)
beneficiaries as follows:
(A) John S. Brown, Mary B. Brown, JT TEN, T.O.D. John
S. Brown, Jr. SUB BENE Peter Q. Brown.
(B) John S. Brown, Mary B. Brown, JT TEN, T.O.D. John
S. Brown, Jr. LDPS.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006