1. (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 chapter and is not testamentary.
2. (B) This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this State.

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."