§ 2-16-111 — Terms, conditions and forms for registration

A registering entity offering to accept registrations in
beneficiary form may establish the terms and conditions under
which it will receive requests (1) for registrations in
beneficiary form, and (2) for implementation of registrations in
beneficiary form, including requests for cancellation of
previously registered TOD beneficiary designations and requests
for reregistration to effect a change of beneficiary. The terms
and conditions so established may provide for proving death,
avoiding or resolving any problems concerning fractional shares,
designating primary and contingent beneficiaries, and
substituting a named beneficiary's descendants to take in the
place of the named beneficiary in the event of the beneficiary's
death. Substitution may be indicated by appending to the name
of the primary beneficiary the letters LDPS, standing for
"lineal descendants per stirpes." This designation substitutes
a deceased beneficiary's descendants who survive the owner for a
beneficiary who fails to so survive, the descendants to be
identified and to share in accordance with the law of the
beneficiary's domicile at the owner's death governing
inheritance by descendants of an intestate. Other forms of
identifying beneficiaries who are to take on one (1) or more
contingencies, and rules for providing proofs and assurances
needed to satisfy reasonable concerns by registering entities
regarding conditions and identities relevant to accurate
implementation of registrations in beneficiary form, may be
contained in a registering entity's terms and conditions.