§ 32-17-14-14 — Registration in beneficiary form

Indiana § 32-17-14-14

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 17: INTERESTS IN PROPERTY
• Ch. 14: Transfer on Death Property Act

Text

(a) Property may be held or registered in
beneficiary form by including in the name in which the property is held
or registered a direction to transfer the property on the death of the
owner to a beneficiary designated by the owner.
(b) Property is registered in beneficiary form by showing on the
account record, security certificate, or instrument evidencing
ownership of the property:
(1) the name of the owner and, if applicable, the estate by which
two (2) or more joint owners hold the property; and
(2) an instruction substantially similar in form to "transfer on
death to (insert name of beneficiary)".
An instruction to "pay on death to (insert name of the beneficiary)" and
the use of the abbreviations "TOD" and "POD" are also permitted by
this section.
(c) Only a transferring entity or a person authorized by the
transferring entity may place a transfer on death direction described by
this section on an account record, a security certificate, or an
instrument evidencing ownership of property.
(d) A transfer on death direction described by this section is
effective on the death of the owner and transfers the owner's interest in
the property to the designated beneficiary if:
(1) the property is registered in beneficiary form before the death
of the owner; or
(2) the transfer on death direction is delivered to the transferring
entity before the owner's death.
(e) An account record, security certificate, or instrument evidencing
ownership of property that contains a transfer on death direction
written as part of the name in which the property is held or registered
is conclusive evidence, in the absence of fraud, duress, undue
influence, lack of capacity, or mistake, that the direction was:
(1) regularly made by the owner;
(2) accepted by the transferring entity; and
(3) not revoked or changed before the owner's death.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.31.