§ 633D.12 — Terms, conditions, and forms for registration

Iowa § 633D.12

• Jurisdiction: Iowa
• Title XV: JUDICIAL BRANCH AND JUDICIAL PROCEDURES
• Ch. 633D: TRANSFER ON DEATH SECURITY REGISTRATION

Text

1. A registering entity offering to accept registrations in beneficiary form may establish
the terms and conditions under which the registering entity receives requests for either of the
following:
a. Registration in beneficiary form.
b. Implementationofregistrationsinbeneficiaryform, includingrequestsforcancellation
of previously registered transfer on death or pay on death beneficiary designations and
requests for reregistration to effect a change of beneficiary.
2. a. The terms and conditions established by the registering entity may provide for
proving death, avoiding or resolving problems concerning fractional shares, designating
primary and contingent beneficiaries, and substituting a named beneficiary’s descendants to
take in place of the named beneficiary in the event of the beneficiary’s death. Substitution
may be indicated by appending to the name of the beneficiary the letters “LDPS” standing for
“lineal descendants per stirpes”. This designation shall substitute a deceased beneficiary’s
descendants who survive the owner for a beneficiary who fails to survive, with the
descendants to be identified and to share in accordance with the law of the beneficiary’s
domicile at the owner’s death governing inheritance by descendants of an intestate. Other
forms of identifying beneficiaries who are to take on one or more contingencies, and rules for
providingproofsandassurancesneededtosatisfyreasonableconcernsbyregisteringentities
regarding conditions and identities relevant to accurate implementation of registrations in
beneficiary form, may be contained in a registering entity’s terms and conditions.
b. The following are illustrations of registrations in beneficiary form which a registering
entity may authorize:
(1) Sole owner-sole beneficiary: OWNER’S NAME transfer on death (TOD) or pay on
death (POD) to BENEFICIARY’S NAME.
(2) Multiple owners-sole beneficiary: OWNERS’ NAMES, as joint tenants or tenants in
the entirety, transfer on death (TOD) or pay on death (POD) to BENEFICIARY’S NAME.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: OWNERS’
NAMES as joint tenants or tenants in the entirety, transfer on death (TOD) or pay on death
(POD) to BENEFICIARY’S NAME, or lineal descendants per stirpes.