Virginia Code 64.2-618: Nontestamentary transfer on death
Current as of: 2023 | Check for updates
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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 article, and is not testamentary.
Terms Used In Virginia Code 64.2-618
- 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.
- 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. See Virginia Code 64.2-612
- 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. See Virginia Code 64.2-612
This article does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the Commonwealth.