§ 32-17-14-7 — Agreement between owner and transferring entity

Indiana § 32-17-14-7

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

Text

(a) If any of the following are required by the
transferring entity, an agreement between the owner and the
transferring entity is necessary to carry out a transfer on death transfer,
which may be made in accordance with the rules, terms, and conditions
set forth in the agreement:
(1) The submission to the transferring entity of a beneficiary
designation under a governing instrument.
(2) Registration by a transferring entity of a transfer on death
direction on any certificate or record evidencing ownership of
property.
(3) Consent of a contract obligor for a transfer of performance due
under the contract.
(4) Consent of a financial institution for a transfer of an obligation
of the financial institution.
(5) Consent of a transferring entity for a transfer of an interest in
the transferring entity.
(b) When subsection (a) applies, a transferring entity is not required
to accept an owner's request to assist the owner in carrying out a
transfer on death transfer.
(c) If a beneficiary designation, revocation, or change is subject to
acceptance by a transferring entity, the transferring entity's acceptance
of the beneficiary designation, revocation, or change relates back to
and is effective as of the time the request was received by the
transferring entity.

Legislative History

As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.27.