WILLIAM DONALD SCHAEFER, Governor                            Ch. 644

DESIGNATIONS AND REQUESTS FOR REREGISTRATION TO EFFECT A CHANGE OF
BENEFICIARY. THE TERMS AND CONDITIONS ESTABLISHED UNDER THIS
SUBSECTION 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 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.

(B) THE FOLLOWING ARE ILLUSTRATIONS OF REGISTRATIONS IN
BENEFICIARY FORM WHICH A REGISTERING ENTITY MAY AUTHORIZE:

(1)      SOLE OWNER-SOLE BENEFICIARY: JOHN S. BROWN TOD (OR POD)
JOHN S. BROWN, JR.

(2)      MULTIPLE OWNERS-SOLE BENEFICIARY: JOHN S. BROWN, MARY B.
BROWN JT. TEN. TOD JOHN S. BROWN, JR.

(3)      MULTIPLE OWNERS-PRIMARY AND SECONDARY (SUBSTITUTED)
BENEFICIARIES: JOHN S. BROWN, MARY B. BROWN JT. TEN. TOD, JOHN S. BROWN, JR.
SUB BENE PETER Q. BROWN OR JOHN S. BROWN, MARY B. BROWN JT. TEN. TOD, JOHN
S. BROWN, JR. LDPS.

16-111. SHORT TITLE; RULES OF CONSTRUCTION.

(A)     THIS TITLE MAY BE CITED AS THE UNIFORM TOD SECURITY
REGISTRATION ACT.

(B)     THIS TITLE SHALL BE LIBERALLY CONSTRUED AND APPLIED TO
PROMOTE ITS UNDERLYING PURPOSES AND POLICY AND TO MAKE UNIFORM THE
LAWS WITH RESPECT TO THE SUBJECT OF THIS TITLE AMONG STATES ENACTING IT.

(C)     UNLESS DISPLACED BY THE PARTICULAR PROVISIONS OF THIS TITLE, THE
PRINCIPLES OF LAW AND EQUITY SUPPLEMENT ITS PROVISIONS.

16-112. APPLICATION OF ACT.

THIS TITLE APPLIES TO REGISTRATIONS OF SECURITIES IN BENEFICIARY FORM
MADE BEFORE OR AFTER OCTOBER 1, 1993 1994, BY DECEDENTS DYING ON OR AFTER
OCTOBER 1, 4993 1994.

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