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Title XIX MOTOR VEHICLES, WATERCRAFT AND AVIATION

Chapter 306

Effective - 28 Aug 2004 bottom

  306.461.  Certificate of title in beneficiary form — multiple beneficiaries allowed — procedure to issue, content, fee — consent not required for transactions, revocation — interest subject to certain claims — transfer not deemed testamentary. — 1.  A sole owner of an outboard motor or vessel, and multiple owners of an outboard motor or vessel who hold their interest as joint tenants with right of survivorship or as tenants by the entirety, on application and payment of the fee required for an original certificate of title, may request the director of revenue to issue a certificate of title for the outboard motor or vessel in beneficiary form which includes a directive to the director of revenue to transfer the certificate of title on death of the sole owner or on death of all multiple owners to one beneficiary or to two or more beneficiaries as joint tenants with right of survivorship or as tenants by the entirety named on the face of the certificate.

  2.  A certificate of title in beneficiary form may not be issued to persons who hold their interest in an outboard motor or vessel as tenants in common.

  3.  A certificate of title issued in beneficiary form shall include after the name of the owner, or after the names of multiple owners, the words "transfer on death to" or the abbreviation "TOD" followed by the name of the beneficiary or beneficiaries.

  4.  (1)  During the lifetime of a sole owner or prior to the death of the last surviving multiple owner, the signature or consent of the beneficiary or beneficiaries shall not be required for any transaction relating to the outboard motor or vessel for which a certificate of title in beneficiary form has been issued.

  (2)  A certificate of title in beneficiary form may be revoked or the beneficiary or beneficiaries changed at any time before the death of the sole owner or the last surviving multiple owner only by the following methods:

  (a)  By a sale of the outboard motor or vessel with proper assignment and delivery of the certificate of title to another person; or

  (b)  By surrender of the outstanding certificate of title and filing an application to reissue the certificate of title with no designation of a beneficiary or with the designation of a different beneficiary or beneficiaries with the director of revenue in proper form and accompanied by the payment of the fee for an original certificate of title.

  (3)  The beneficiary's or beneficiaries' interest in the outboard motor or vessel at death of the owner or surviving owner shall be subject to any contract of sale, assignment of ownership or security interest to which the owner or owners of the outboard motor or vessel were subject during their lifetime.

  (4)  The designation of a beneficiary or beneficiaries in a certificate of title issued in beneficiary form may not be changed or revoked by a will, any other instrument, or a change in circumstances, or otherwise be changed or revoked except as provided by subdivision (2) of this subsection.

  5.  (1)  On proof of death of one of the owners of two or more multiple owners, or of a sole owner, surrender of the outstanding certificate of title, and on application and payment of the fee for an original certificate of title, the director of revenue shall issue a new certificate of title for the outboard motor or vessel to the surviving owner or owners or, if none, to the surviving beneficiary or beneficiaries, subject to any outstanding security interest; and the current valid certificate of number shall be so transferred.  If the surviving beneficiary or beneficiaries make a request of the director of revenue, the director may allow the beneficiary or beneficiaries to make one assignment of title.

  (2)  The director of revenue may rely on a death certificate or record or report that constitutes prima facie proof or evidence of death under subdivisions (1) and (2) of section 472.290.

  (3)  The transfer of an outboard motor or vessel at death pursuant to this section is effective by reason of sections 301.675 to 301.682 and sections 306.455 to 306.465, and is not to be considered testamentary, or to be subject to the requirements of section 473.087 or section 474.320.

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(L. 1987 H.B. 605 § 9, A.L. 1993 H.B. 509, A.L. 2004 H.B. 1511 merged with S.B. 1233, et al.)


---- end of effective   28 Aug 2004 ----

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