Massachusetts General Laws ch. 190B sec. 6-309 – Nontestamentary transfer on death
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Section 6–309. [Nontestamentary Transfer on Death.]
Terms Used In Massachusetts General Laws ch. 190B sec. 6-309
- 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.
(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 part and is not testamentary.
(b) This part shall not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the commonwealth.