South Carolina Code 35-6-60. Ownership not affected until owner’s death; cancellation or change
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 35-6-60
- 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
- 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. See South Carolina Code 35-6-10
- Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
The designation of a transfer on death beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary.