§ 32-17-14-15 — Beneficiary's rights before the death of the owner; effect of the death of a joint owner

(a) Before the death of the owner, a
beneficiary has no rights in the property because of the beneficiary
designation. The signature or agreement of the beneficiary is not
required for any transaction relating to property transferred under this
chapter. If a lienholder takes action to enforce a lien, by foreclosure or
otherwise through a court proceeding, it is not necessary to join the
beneficiary as a party defendant in the action unless the beneficiary has
another interest in the real property that has vested.
(b) On the death of one (1) of two (2) or more joint owners, property
with respect to which a beneficiary designation has been made belongs
to the surviving joint owner or owners. If at least two (2) joint owners
survive, the right of survivorship continues as between the surviving
owners.
(c) On the death of a tenant by the entireties, property with respect
to which a beneficiary designation has been made belongs to the
surviving tenant.
(d) On the death of the owner, property with respect to which a
beneficiary designation has been made passes by operation of law to
the beneficiary.
(e) If two (2) or more beneficiaries survive, there is no right of
survivorship among the beneficiaries when the death of a beneficiary
occurs after the death of the owner unless the beneficiary designation
expressly provides for survivorship among the beneficiaries. Except as
expressly provided otherwise, the surviving beneficiaries hold their
separate interest in the property as tenants in common. The share of any
beneficiary who dies after the owner dies belongs to the deceased
beneficiary's estate.
(f) If no beneficiary survives the owner, the property belongs to the
estate of the owner unless the beneficiary designation directs the
transfer to a substitute beneficiary in the manner required by section 22
of this chapter.

Legislative History

As added by P.L.143-2009, SEC.41.