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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 461

Effective - 28 Aug 1995 bottom

  461.012.  Nonprobate transfers subject to agreement of transferring entity, when. — 1.  When any of the following is required, provision for a nonprobate transfer is a matter of agreement between the owner and the transferring entity, under such rules, terms and conditions as the owner and transferring entity may agree:

  (1)  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)  The consent of a contract obligor for a transfer of performance due under the contract;

  (4)  The consent of a financial institution for a transfer of an obligation of the financial institution; or

  (5)  The consent of a transferring entity for a transfer of an interest in the transferring entity.

  2.  Whenever subsection 1 of this section is applicable, sections 461.003 to 461.081 do not impose an obligation on a transferring entity to accept an owner's request to make provision for a nonprobate transfer of property.

  3.  When 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 when the request was received by the transferring entity.

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(L. 1989 H.B. 145 § 20, A.L. 1995 S.B. 116)


---- end of effective   28 Aug 1995 ----

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