Liability of registering entity.
1. A registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisees of a deceased owner if it registers a transfer of a security in accordance with NRS 111.610 and does so relying in good faith on:
(a) The registration;
(b) NRS 111.480 to 111.650, inclusive; and
(c) Information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary’s representatives, or other information available to the registering entity.
2. The protections of NRS 111.480 to 111.650, inclusive, do not extend to a reregistration or payment made after a registering entity has received written notice from a claimant to any interest in the security objecting to effectuation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under NRS 111.480 to 111.650, inclusive.
3. The protection provided by NRS 111.480 to 111.650, inclusive, to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
4. As used in this section:
(a) “Devisee” means a person designated in a will to receive a disposition of real or personal property.
(b) “Heirs” means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
(c) “Personal representative” includes an executor, administrator, successor personal representative, special administrator and persons who perform substantially the same function.
Last modified: February 27, 2006