ACT NO. 23
Transfer on Death Security Registration
This act allows the owner of securities, mutual fund shares and accounts maintained by brokers and others to reflect a customer's holdings of securities to register the title in transfer-on-death (TOD) form. The legislation enables an issuer, transfer agent, broker, or other such intermediary to transfer the securities directly to the designated transferee on the owner's death. Use of the TOD form has no effect on the registered owner's full control of the affected security during that owner's lifetime. A TOD designation and any beneficiary interest arising under the designation ends whenever the registered asset is transferred, or whenever the owner otherwise complies with the issuer's conditions for changing the title form of the investment.
Effective Date: July 1, 1999