For the purposes of this subchapter, the term:
(1) "Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
(2) "Register," including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
(3) "Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(4) "Security" means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account.
(5) "Security account" means:
(A) A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death; or
(B) A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 301 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by 2 or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 302 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration, or by this or a similar statute of the law of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 303 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 304 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 305 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
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.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 306 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survive the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 307 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this subchapter.
(b) By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this subchapter.
(c) 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 the security in accordance with section 19-603.07 and does so in good faith reliance (1) on the registration, (2) on this subchapter, and (3) on 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. The protections of this subchapter do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this subchapter.
(d) The protection provided by this subchapter 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.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 308 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this subchapter and is not testamentary.
(b) This subchapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the District.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 309 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
(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. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. 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 so survive, 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. Other 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 which 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 TOD John S Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown or John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 310 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
This subchapter applies to registrations of securities in beneficiary form made before or after the effective date of this act [April 27, 2001], by decedents dying on or after the effective date of this act [April 27, 2001].
(Apr. 27, 2001, D.C. Law 13-292, § 302(b), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For D.C. Law 13-292, see notes following § 19-601.01.
Uniform Law
This section is based upon § 405 of the Uniform Nonprobate Transfers on Death Act (1991 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.
Refs & Annos
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Jurisdiction
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Laws
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Effective Date
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Statutory Citation
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Alabama
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1997, No. 97-703
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8-1-1997
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Code 1975, §§ 8-6-140 to 8-6-151.
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Alaska
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1996, c. 75
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1-1-1997
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AS 13.06.050, 13.33.301 to 13.33.310.
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Arizona
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1994, c. 290
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After 12-31-1994
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A.R.S. §§ 14-6301 to 14-6311.
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Arkansas
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1993, No. 114
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8-13-1993
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A.C.A. §§ 28-14-101 to 28-14-112.
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California
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1998, c. 242
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1-1-1999
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West's Ann.Cal. Probate Code, §§ 5500 to 5512.
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Colorado
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1990, S.B. 90-91
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7-1-1990
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West's C.R.S.A. §§ 15-10-201, 15-15-301 to 15-15-311.
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Connecticut
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1997, No. 97-42
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C.G.S.A. §§ 45a-468 to 45a-468m.
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|
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Delaware
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70 Del. Laws, c. 394
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6-26-1996
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12 Del. C. §§ 801 to 812.
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District of Columbia
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2001, D.C. Law 13-292
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4-27-2001
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D.C. Official Code, 2001 Ed. §§ 19-603.01 to 19-603.11.
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Florida
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1994, c. 94-216
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1-1-1995
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West's F.S.A. §§ 711.50 to 711.512.
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Georgia
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1999, Act 392
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7-1-1999
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O.C.G.A. §§ 53-5-60 to 53-5-71.
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Hawaii
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1998, c. 63
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4-29-1998
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HRS §§ 539-1 to 539-12.
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Idaho
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1996, c. 303
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7-1-1996
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I.C. §§ 15-6-301 to 15-6-312.
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Illinois
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1994, P.A. 88-577
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1-1-1995
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S.H.A. 815 ILCS 10/0.01 to 10/12.
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Indiana
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2002, P.L. 2-2002
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7-1-2002
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West's A.I.C. 32-17-9-1 to 32-17-9-15.
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Iowa
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1997, c. 178
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7-1-1997
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I.C.A. §§ 633D.1 to 633D.12.
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Kansas
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1994, c. 44
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7-1-1994
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K.S.A. 17-49a01 to 17-49a12.
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Kentucky
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1998, c. 407
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8-1-1998
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KRS 292.6501 to 292.6512.
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Maine
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1997, c. 627
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18-A M.R.S.A. §§ 6-301 to 6-312.
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|
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Maryland
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1994, c. 644
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10-1-1994
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Code, Estates and Trusts, §§ 16-101 to 16-112.
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1998, c. 377
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M.G.L.A. c. 201E, §§ 101 to 402.
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||
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Michigan
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1998, P.A. 386
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4-1-2000
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M.C.L.A. §§ 700.6301 to 700.6310.
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Minnesota
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1992, c. 461
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6-1-1992
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M.S.A. §§ 524.6-301 to 524.6-311.
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Mississippi
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1997, c. 413
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3-24-1997
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Code 1972, §§ 91-21-1 to 91-21-25.
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Montana
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1993, c. 494
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10-1-1993
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MCA §§ 72-1-103, 72-6-301 to 72-6-311.
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Nebraska
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1993, LB 250
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R.R.S. 1943, §§ 30-2209, 30-2734 to 30-2746.
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|
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Nevada
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2011, c. 270
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10-1-2011
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N.R.S. 111.480 to 111.650.
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New Hampshire
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1997, c. 231
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1-1-1998
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RSA 563-C:1 to 563-C:12.
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New Jersey
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1995, c. 130
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N.J.S.A. 3B:30-1 to 3B:30-12.
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New Mexico
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1992, c. 66
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7-1-1992
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NMSA 1978, §§ 45-1-201, 45-6-301 to 45-6-311.
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New York
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2005, c. 325
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1-1-2006
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McKinney's EPTL 13-4.1 to 13-4.12.
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North Carolina
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2005, c. 411
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10-1-2005
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G.S. §§ 41-40 to 41-51.
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North Dakota
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1991, c. 351
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7-1-1991
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NDCC 30.1-01-06, 30.1-31-21 to 30.1-31-30.
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Ohio
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1993, H.B. 62
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10-1-1993
|
R.C. §§ 1709.01 to 1709.11.
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Oklahoma
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1994, c. 208
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9-1-1994
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71 Okl.St.Ann. §§ 901 to 913.
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Oregon
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1991, c. 306
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ORS 59.535 to 59.585.
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Pennsylvania
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1996, P.L. 1118
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20 Pa.C.S.A. §§ 6401 to 6413.
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Rhode Island
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1998, c. 98-260
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7-9-1998
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Gen. Laws 1956, §§ 7-11.1-1 to 7-11.1-12.
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South Carolina
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1997, No. 102
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6-13-1997
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Code 1976, §§ 35-6-10 to 35-6-100.
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South Dakota
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1995, c. 168
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Registrations of securities in beneficiary form by decedents dying on or after 7-1-1996.
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SDCL 29A-6-301 to 29A-6-311.
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Tennessee
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1995, c. 471
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7-1-1995
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T.C.A. §§ 35-12-101 to 35-12-113.
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Utah
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1995, c. 9
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5-1-1995
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U.C.A. 1953, 75-6-301 to 75-6-313.
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Vermont
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1999, P.A. 23
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9 V.S.A. §§ 4351 to 4360.
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|
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Virgin Islands
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2009, No. 7150
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1-1-2011
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15 V.I.C. §§ 6-301 to 6-311.
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Virginia
|
1994, c. 422
|
Code 1950, §§ 64.1-206.1 to 64.1-206.8.
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|
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Washington
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1993, c. 287
|
7-25-1993
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West's RCWA 21.35.005 to 21.35.902.
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West Virginia
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1994, c. 62
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3-10-1994*
|
Code, 36-10-1 to 36-10-12.
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Wisconsin
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1989, Act 331
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5-11-1990
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W.S.A. 705.21 to 705.30.
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Wyoming
|
1993, c. 171
|
7-1-1993
|
Wyo.Stat.Ann. §§ 2-16-101 to 2-16-112.
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[FN*] Date of approval.
[FN1] Repeals this act effective January 2, 2012.
