Chapter 190B

Section 5A–503. [Transitional Provision.] (a) This Article shall apply to guardianship and protective proceedings begun on or after January 1, 2015. (b) Parts 1, 3 and 4 and section 5A–501 and section 5A–502 shall apply to proceedings begun before January 1, 2015 regardless of wh…

Section 6–101. [Nonprobate Transfers on Death.] (a) A provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage promissory note, certificated or uncertificated security, account, agreement, custodial agreement, deposit agreement, …

Section 6–301. [Definitions.] In this part: (1) ''Beneficiary form'', a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. (2) ''Re…

Section 6–302. [Registration in Beneficiary Form; Sole or Joint Tenancy Ownership.] Only individuals whose registration of a security shows sole ownership by 1 individual or multiple ownership by 2 or more with rights of survivorship, rather than as tenants in common, may obtain …

Section 6–303. [Registration in Beneficiary Form; Applicable Law.] A security may be registered in beneficiary form if the form is authorized by this part or a similar law of the state of organization of the issuer or registering entity, the location of the registering entity's p…

Section 6–304. [Origination of Registration in Beneficiary Form.] 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…

Section 6–305. [Form of Registration in Beneficiary Form.] 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…

Section 6–306. [Effect of Registration in Beneficiary Form.] The designation of a transfer on death beneficiary on a registration in beneficiary form shall have no effect on ownership until the owner's death. A registration of a security in beneficiary form may be canceled or cha…

Section 6–307. [Ownership on Death of Owner.] 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 complian…

Section 6–308. [Protection of Registering Entity.] (a) 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 i…

Section 6–309. [Nontestamentary Transfer on Death.] (a) 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. (b) …

Section 6–310. [Terms, Conditions, and Forms for Registration.] (a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (i) for registrations in beneficiary form, and (ii) for implem…

Section 6–311. [Rights of Creditors and Others.] (a) If other assets of the estate are insufficient, a transfer resulting from registration under this part shall not be effective against the estate of a deceased party to the extent needed to pay claims against the estate and stat…

Section 7–501. [Transfer of Property; Statutory Custodianship Trustee; Revocability.] An adult person may, during his lifetime, transfer any property owned by him, in any manner otherwise consistent with law, to 1 or more named persons designated, in substance, as a ''statutory c…

Section 7–502. Section 7–502. [Application of Income and Principal; Accounting by Trustee.] During the life of the transferor the trustee or trustees shall apply the income and principal, by payment to the transferor or by direct expenditure, as may be necessary for the comfortab…

Section 7–503. [Resignation or Removal of Trustee; Appointment to Fill Vacancy.] A trustee may resign by an instrument in writing delivered to the transferor or to the transferor's guardian or conservator, if any. A trustee may be removed by the transferor by an instrument in wri…