West Virginia Code 36-10-9 – Nontestamentary transfer on death
Current as of: 2023 | Check for updates
|
Other versions
(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 article and is not testamentary.
Terms Used In West Virginia Code 36-10-9
- 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 West Virginia Code 36-10-1
- 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 West Virginia Code 36-10-1
- 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 West Virginia Code 36-10-1
(b) This article does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.