§ 32-17-14-19 — Effect of conveyances, assignments, contracts, set offs, licenses, easements, liens, and security interests

(a) A beneficiary of a transfer on death
transfer takes the owner's interest in the property at the death of the
owner subject to all conveyances, assignments, contracts, set offs,
licenses, easements, liens, and security interests made by the owner or
to which the owner was subject during the owner's lifetime.
(b) A beneficiary of a transfer on death transfer of an account with
a bank, savings and loan association, credit union, broker, or mutual
fund takes the owner's interest in the property at the death of the owner
subject to all requests for payment of money issued by the owner before
the owner's death, whether paid by the transferring entity before or after
the owner's death, or unpaid. The beneficiary is liable to the payee of
an unsatisfied request for payment to the extent that the request
represents an obligation that was enforceable against the owner during
the owner's lifetime.
(c) Each beneficiary's liability with respect to an unsatisfied request
for payment is limited to the same proportionate share of the request for
payment as the beneficiary's proportionate share of the account under
the beneficiary designation. Each beneficiary has the right of
contribution from the other beneficiaries with respect to a request for
payment that is satisfied after the owner's death, to the extent that the
request for payment would have been enforceable by the payee during
the owner's lifetime.

Legislative History

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