South Carolina Code 35-6-90. Effectiveness of transfer on death by reason of contract; effect of chapter on rights of creditors of security owners against beneficiaries and transferees
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(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.
Terms Used In South Carolina Code 35-6-90
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
- 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. See South Carolina Code 35-6-10