§ 13-4.8 — Protection of registering entity

New York § 13-4.8

• Jurisdiction: New York
• Law EPT: Estates, Powers & Trusts
• Part 4: Transfer-on-death Security Registration
• Art. 13: Other Provisions Affecting Estates

Text

§ 13-4.8 Protection of registering entity\n (a) A registering entity is not required to offer or to accept a\nrequest for security registration in beneficiary form. If a registration\nin beneficiary form is offered by a registering entity, the owner\nrequesting registration in beneficiary form assents to the protections\ngiven to the registering entity by this part.\n (b) By accepting a request for registration of a security in\nbeneficiary form, the registering entity agrees that the registration\nwill be implemented on death of the deceased owner as provided in this\npart.\n (c) A registering entity is discharged from all claims to a security\nby the estate, creditors, distributees, legatees or devisees of a\ndeceased owner if it registers a transfer of the security in accordance\nwith section 13-4.7 and does so in good faith reliance (i) on the\nregistration, (ii) on this part, and (iii) on information provided to it\nby affidavit of the personal representative of the deceased owner, or by\nthe surviving beneficiary or by the surviving beneficiary's\nrepresentatives, or other information available to the registering\nentity. The protections of this part do not extend to a reregistration\nor payment made after a registering entity has received written notice\nfrom any claimant to any interest in the security objecting to\nimplementation of a registration in beneficiary form. No other notice or\nother information available to the registering entity affects its right\nto protection under this part.\n (d) The protection provided by this part to the registering entity of\na security does not affect the rights of beneficiaries in disputes\nbetween themselves and other claimants to ownership of the security\ntransferred or its value or proceeds.\n