§ 30.1-31-28 — (6-308) Protection of registering entity

1. A registering entity is not required to offer or to accept a request for security
registration in beneficiary form. If a registration in beneficiary form is offered by a
registering entity, the owner requesting registration in beneficiary form assents to the
protections given to the registering entity by sections 30.1-31-21 through 30.1-31-30.
2. By accepting a request for registration of a security in beneficiary form, the registering
entity agrees that the registration will be implemented on death of the deceased owner
as provided in sections 30.1-31-21 through 30.1-31-30.
3. A registering entity is discharged from all claims to a security by the estate, creditors,
heirs, or devisees of a deceased owner if it registers a transfer of the security in
accordance with section 30.1-31-27 and does so in good-faith reliance on the
registration, on sections 30.1-31-21 through 30.1-31-30, and on information provided
to it by affidavit of the personal representative of the deceased owner, or by the
surviving beneficiary or by the surviving beneficiary's representatives, or other
information available to the registering entity. The protections of sections 30.1-31-21
through 30.1-31-30 do not extend to a reregistration or payment made after a
registering entity has received written notice from any claimant to any interest in the
security objecting to implementation of a registration in beneficiary form. No other
notice or other information available to the registering entity affects its right to
protection under sections 30.1-31-21 through 30.1-31-30.
4. The protection provided by sections 30.1-31-21 through 30.1-31-30 to the registering
entity of a security does not affect the rights of beneficiaries in disputes between
themselves and other claimants to ownership of the security transferred or its value or
proceeds.