1. (a) A provision in an account agreement, as defined in § 1-204(b)(2) of the Financial Institutions Article, for a transfer on death is nontestamentary and shall be effective according to the provisions of § 1-204 of the Financial Institutions Article.
2. (b) Transfers pursuant to § 1-204 of the Financial Institutions Article are effective in the form and manner prescribed by that section and are not to be considered testamentary.
3. (c) Transfers on death pursuant to an operating agreement of a limited liability company or a partnership agreement of a general or limited partnership are effective according to the operating agreement or partnership agreement and are not to be considered testamentary.

Added by Acts 1992, c. 578, § 1, eff. Oct. 1, 1992. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019; Acts 2022, c. 294, § 1, eff. Oct. 1, 2022; Acts 2022, c. 295, § 1, eff. Oct. 1, 2022.