Source: http://delcode.delaware.gov/title12/c008/
Timestamp: 2018-09-24 06:36:42
Document Index: 429098378

Matched Legal Cases: ['§ 801', '§ 802', '§ 803', '§ 804', '§ 805', '§ 806', '§ 807', '§ 808', '§ 809', '§ 810', '§ 811', '§ 812', '§ 1', '§ 802', '§ 803', '§ 804', '§ 805', '§ 806', '§ 807', '§ 808', '§ 807', '§ 809', '§ 810', '§ 811', '§ 812']

TITLE 12 - CHAPTER 8. UNIFORM TOD SECURITY REGISTRATION ACT
§ 801 § 802 § 803 § 804 § 805 § 806 § 807 § 808 § 809 § 810 § 811 § 812
Descent and Distribution; Escheat
CHAPTER 8. UNIFORM TOD SECURITY REGISTRATION ACT
(1) "Beneficiary form'' means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.
(2) "Devisee'' means any person designated in a will to receive a disposition of real or personal property.
(3) "Heirs'' means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
(4) "Person'' means an individual, a corporation, an organization or other legal entity.
(5) "Personal representative'' includes executor, administrator, successor personal representative, special administrator and persons who perform substantially the same function under the law governing their status.
(6) "Property'' includes both real and personal property or any interest therein and means anything that may be the subject of ownership.
(7) "Register,'' including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.
(8) "Registering entity'' means a person who originates or transfers a security title by registration and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(9) "Security'' means a share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security and a security account.
(10) "Security account'' means:
a. A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings or dividends earned or declared on a security in an account, a reinvestment account or a brokerage account, whether or not credited to the account before the owner's death, or
b. A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.
(11) "State'' includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.
70 Del. Laws, c. 394, § 1.;
§ 802 Registration in beneficiary form; sole or joint tenancy ownership.
Only individuals whose registration of a security shows sole ownership by 1 individual or multiple ownership by 2 or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties or as owners of community property held in survivorship form and not as tenants in common.
§ 803 Registration in beneficiary form; applicable law.
§ 804 Origination of registration in beneficiary form.
§ 805 Form of registration in beneficiary form.
Registration in beneficiary form may be shown by the words "transfer on death'' or the abbreviation "TOD'' or by the words "pay on death'' or the abbreviation "POD'' after the name of the registered owner and before the name of a beneficiary.
§ 806 Effect of registration in beneficiary form.
§ 807 Ownership on death of owner.
§ 808 Protection of registering entity.
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this chapter.
(b) By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on the death of the deceased owner as provided in this chapter.
(c) A registering entity is discharged from all claims to a security by the estate, creditors, heirs or devisees of a deceased owner if it registers a transfer of the security in accordance with § 807 of this title and does so in good faith reliance (i) on the registration, (ii) on this chapter, and (iii) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives or other information available to the registering entity. The protections of this chapter do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this chapter.
(d) The protection provided by this chapter to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
§ 809 Nontestamentary transfer on death.
(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.
(b) This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this State.
§ 810 Terms, conditions, and forms for registration.
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i) for registrations in beneficiary form, and (ii) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes.'' This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on 1 or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown, Jr.
(2) Multiple owners-sole beneficiary: John S. Brown, Mary B. Brown, JT TEN TOD John S. Brown, Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown, Mary B. Brown, JT TEN TOD John S. Brown, Jr. SUB BENE Peter Q. Brown or John S. Brown, Mary B. Brown JT TEN TOD John S. Brown, Jr. LDPS.
§ 811 Short title.
This chapter shall be known as and may be cited as the "Uniform TOD Security Registration Act.''
§ 812 Application of chapter.
This chapter applies to registrations of securities in beneficiary form made before or after June 26, 1996, by decedents dying on or after June 26, 1996.