Ch. 644

1994 LAWS OF MARYLAND

16-108. 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 IN BENEFICIARY FORM ASSENTS TO THE
PROTECTIONS GIVEN TO THE REGISTERING ENTITY BY THIS TITLE.

(B)      BY ACCEPTING A REQUEST FOR REGISTRATION OF A SECURITY IN
BENEFICIARY FORM, THE REGISTERING ENTITY AGREES THAT THE REGISTRATION
WILL BE IMPLEMENTED ON DEATH OF THE DECEASED OWNER AS PROVIDED IN THIS
TITLE.

(C)     A REGISTERING ENTITY IS DISCHARGED FROM ALL CLAIMS TO A
SECURITY BY THE ESTATE, CREDITORS, HEIRS, OR DEVISEES OF A DECEASED
OWNER IF IT REGISTERS A TRANSFER OF THE SECURITY IN ACCORDANCE WITH
SECTION 7 § 16-107 OF THIS TITLE AND DOES SO IN GOOD FAITH RELIANCE (I) ON THE
REGISTRATION, (II) ON THIS TITLE, AND (III) ON INFORMATION PROVIDED TO IT BY
AFFIDAVIT OF THE PERSONAL REPRESENTATIVE OF THE DECEASED OWNER, OR BY
THE SURVIVING BENEFICIARY OR BY THE SURVIVING BENEFICIARY'S
REPRESENTATIVES, OR OTHER INFORMATION AVAILABLE TO THE REGISTERING
ENTITY. THE PROTECTIONS OF THIS TITLE DO NOT EXTEND TO A REREGISTRATION
OR PAYMENT MADE AFTER A REGISTERING ENTITY HAS RECEIVED WRITTEN
NOTICE FROM ANY CLAIMANT TO ANY INTEREST IN THE SECURITY OBJECTING TO
IMPLEMENTATION OF A REGISTRATION IN BENEFICIARY FORM. NO OTHER NOTICE
OR OTHER INFORMATION AVAILABLE TO THE REGISTERING ENTITY AFFECTS ITS
RIGHT TO PROTECTION UNDER THIS TITLE.

(D)     THE PROTECTION PROVIDED BY THIS TITLE TO THE REGISTERING
ENTITY OF A SECURITY DOES NOT AFFECT THE RIGHTS OF BENEFICIARIES IN
DISPUTES BETWEEN THEMSELVES AND OTHER CLAIMANTS TO OWNERSHIP OF THE
SECURITY TRANSFERRED OR ITS VALUE OR PROCEEDS.

16-109. 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
TITLE AND IS NOT TESTAMENTARY.

(B)      THIS TITLE DOES' NOT LIMIT THE RIGHTS OF CREDITORS OF SECURITY
OWNERS AGAINST BENEFICIARIES AND OTHER TRANSFEREES UNDER OTHER LAWS
OF THIS STATE.

16-110. 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 REQUEST (I) FOR REGISTRATIONS IN BENEFICIARY FORM, AND (II)
FOR IMPLEMENTATION OF REGISTRATIONS IN BENEFICIARY FORM, INCLUDING
REQUESTS FOR CANCELLATION OF PREVIOUSLY REGISTERED TOD BENEFICIARY

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