Sec. 7. (a) If any of the following are required by the transferring entity, an agreement between the owner and the transferring entity is necessary to carry out a transfer on death transfer, which may be made in accordance with the rules, terms, and conditions set forth in the agreement:
(1) The submission to the transferring entity of a beneficiary designation under a governing instrument.
(2) Registration by a transferring entity of a transfer on death direction on any certificate or record evidencing ownership of property.
(3) Consent of a contract obligor for a transfer of performance due under the contract.
(4) Consent of a financial institution for a transfer of an obligation of the financial institution.
(5) Consent of a transferring entity for a transfer of an interest in the transferring entity.
(b) When subsection (a) applies, a transferring entity is not required to accept an owner's request to assist the owner in carrying out a transfer on death transfer.
(c) If a beneficiary designation, revocation, or change is subject to acceptance by a transferring entity, the transferring entity's acceptance of the beneficiary designation, revocation, or change relates back to and is effective as of the time the request was received by the transferring entity.
As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.27.
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