The designation of a transfer on death 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.

HISTORY: 1997 Act No. 102, Section 1, eff June 13, 1997.

Editor's Note

1997 Act No. 102, Section 2, provides as follows:

"SECTION 2. This act takes effect upon approval by the Governor, and applies to registrations of securities in beneficiary form made before or after the effective date of this act by decedents dying on or after the effective date of this act."