Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 681 Definitions
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(1) In this subchapter:(1) “Beneficiary form” means 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) “Register” including it…
9 V.I.C. § 682 Registration in beneficiary form; sole or joint tenancy ownership
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Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in ben…
9 V.I.C. § 683 Registration in beneficiary form; applicable law
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A security may be registered in beneficiary form if the form is authorized by this 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 its transfer agent or its office maki…
9 V.I.C. § 684 Origination of registration in beneficiary form
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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.
9 V.I.C. § 685 Form of registration in beneficiary form
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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.
9 V.I.C. § 686 Effect of registration in beneficiary form
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The designation of a 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 owners without the conse…
9 V.I.C. § 687 Ownership on death of owner
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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…
9 V.I.C. § 688 Protection of registering entity
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(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 in beneficiary assents to the protections given to t…
9 V.I.C. § 689 Nontestamentary transfer on death
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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 subchapter and is not testamentary.
9 V.I.C. § 690 Terms, conditions, and forms for registration
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(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 implementation of registrations in beneficiary form, including request…
9 V.I.C. § 691 Application of subchapter; construction
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(a) This subchapter applies to registrations of securities in beneficiary form made before or after effective date of this subchapter, by decedents dying on or after effective date. (b) This subchapter must be liberally construed and applied to promote its underlying purposes and…