Title 18-C, Title 18-C

A financial institution, on request, may pay sums on deposit in an account with a POD designation to: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. One or more of the parties. One or more of the parties, whether or not another party is disabled, incapa…

A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated or deceased when the request is made or received and whether or not the authority of …

If a financial institution is required or permitted to make payment pursuant to this Part to a minor designated as a beneficiary, payment may be made pursuant to the Maine Uniform Transfers to Minors Act.

1. Payments in accordance with terms of account. Payment made pursuant to this Part in accordance with the terms of the account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the …

Without qualifying any other statutory right to setoff or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to setoff against the account. The amount of the account subject to setoff is the prop…

As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Beneficiary form. "Beneficiary form" means a registration of a security that indicates the pres…

Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by 2 or more individuals with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registe…

A security may be registered in beneficiary form if the form is authorized by this Part or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of the registering entity's transfe…

A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.

Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.

The designation of a transfer on death, or "TOD," beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then-surviving …

On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the reg…

1. Security registration in beneficiary form not required; protections. 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 requesti…

A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this Part and is not testamentary.

1. Terms and conditions. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests: A. For registrations in beneficiary form; and [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B,…

This Part applies to registrations of securities in beneficiary form made before, on or after September 1, 2019 by decedents dying on or after September 1, 2019.

This Part may be known and cited as "the Uniform Real Property Transfer on Death Act."

As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Beneficiary. "Beneficiary" means a person that receives property under a transfer on death deed…

This Part applies to a transfer on death deed made before, on or after September 1, 2019 by a transferor dying on or after September 1, 2019.

This Part does not affect any method of transferring property otherwise permitted under the law of this State.

An individual may transfer for no consideration property to one or more beneficiaries effective at the transferor's death by a transfer on death deed.

A transfer on death deed is revocable even if the deed or another instrument contains a contrary provision.

A transfer on death deed is nontestamentary.

1. Capacity. The capacity required to make or revoke a transfer on death deed is the same as the capacity required to make a will. 2. Undue influence. In addition to any other criminal or civil causes of action or relief at law or equity, Title 33, chapter 20 applies to transfers…

A transfer on death deed: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Essential elements and formalities. Except as otherwise provided in subsection 2, must contain the essential elements and formalities of a properly recordable inter vivos deed; 2. …

A transfer on death deed is effective without: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Notice, delivery or acceptance. Notice or delivery to or acceptance by the designated beneficiary during the transferor's life; or 2. Consideration. Considerat…

1. Revocation by instrument. Subject to subsection 2, an instrument is effective to revoke a recorded transfer on death deed, or any part of it, only if the instrument: A. Is one of the following: (1) A transfer on death deed that revokes the deed or part of the deed expressly or…

During a transferor's life, a transfer on death deed does not: [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Affect interest or right of transferor or other owner. Affect an interest or right of the transferor or any other owner, including the right to…

1. Upon death of transferor. Except as otherwise provided in the transfer on death deed, in this section or in section 2‑507, 2‑603, 2‑802 or 2‑805 or in Article 2, Part 2, on the death of the transferor, the following rules apply to property that is the subject of a transfer on …

A beneficiary who takes under a transfer on death deed may file for recording in the registry of deeds in the county where the real property is located a notice of death affidavit to confirm title following the death of the transferor. The notice of death affidavit must contain t…

A beneficiary may disclaim all or part of the beneficiary's interest as provided by Article 2, Part 9.

A beneficiary of a transfer on death deed is liable for an allowed claim against the transferor's probate estate and statutory allowances to a surviving spouse and children to the extent provided in section 6-102.

The following template may be used to create a transfer on death deed. This template is not intended to be printed and recorded in its current format. The other sections of this Part govern the effect of this or any other instrument used to create a transfer on death deed.REVOCAB…

The following template may be used to create an instrument of revocation under this Part. This template is not intended to be printed and recorded in its current format. The other sections of this Part govern the effect of this or any other instrument used to revoke a transfer on…

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.

This Part modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001, et seq., but does not modify, limit or supersede Section 101(c) of that Act, 15 United States Code, Section 7001(c), or authorize …

1. Prohibited acts. In the administration of any trust that is a private foundation, as defined in Section 509 of the Internal Revenue Code of 1986, a charitable trust, as defined in Section 4947(a)(1) of the Internal Revenue Code of 1986, or a split-interest trust, as defined in…

1. Authorization. An association, corporation or financial institution authorized to exercise trust powers in this State while acting as a fiduciary is authorized to purchase for the fiduciary estate, directly from underwriters or distributors or in the secondary market, bonds or…

A foreign corporate trustee is required to qualify as a foreign corporation doing business in this State if it maintains the principal place of administration of any trust within the State. A foreign cotrustee is not required to qualify in this State solely because its cotrustee …

1. Definitions. As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. A. "Common trust fund" means a trust or fund maintained by a bank or trust company exclusively for the collective investment or reinvestment of money con…

Unless ordered by decree of the Superior Court, the bank or trust company operating common trust funds, referred to in this section as "the accountant," is not required to render a court accounting with regard to the funds, but the accountant may by petition to the Superior Court…

This Part applies to fiduciary relationships in existence on September 1, 2019 or established after that date.

A state or national bank or trust company, when acting in this State as a fiduciary or cofiduciary with others, may with the consent of its cofiduciary or cofiduciaries, if any, who are authorized to give consent, cause an investment held in that capacity to be registered and hel…

The records of a bank or trust company must at all times show the ownership of investments held in the name of nominees; such investments must be in the possession and control of the bank or trust company and must be kept separate and apart from the assets of the bank or trust co…

This Part governs fiduciaries and cofiduciaries acting under wills, agreements, court orders and other instruments existing on January 1, 1981 or made after that date. Nothing contained in this Part may be construed as authorizing a departure from or variation of the express word…

This Part may be cited as the "Uniform Principal and Income Act of 1997."