WILLIAM DONALD SCHAEFER, Governor                           S.B. 727

effect of TOD registration during the lifetime of the owner and the effect upon the
death of the owner; providing certain rules of construction; defining certain terms;
and generally relating to registration of securities in transfer-on-death form.

BY adding to

Article - Estates and Trusts

Section 16-101 through 16-112 to be under the new title "Title 16. Maryland
Uniform Transfer-on-Death (TOD) Security Registration Act"

Annotated Code of Maryland

(1991 Replacement Volume and 1993 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - Estates and Trusts

TITLE 16. UNIFORM TRANSFER-ON-DEATH (TOD) SECURITY REGISTRATION ACT
16-101. DEFINITIONS.

(A)     IN THIS TITLE THE FOLLOWING TERMS HAVE THE MEANINGS INDICATED
UNLESS THE CONTEXT OTHERWISE REQUIRES.

(B)     "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.

(C)     "DEVISEE" MEANS ANY PERSON DESIGNATED IN A WILL TO RECEIVE A
DISPOSITION OF REAL OR PERSONAL PROPERTY.

(D)     "HEIRS" MEANS THOSE PERSONS, INCLUDING THE SURVIVING SPOUSE,
WHO ARE ENTITLED UNDER THE STATUTES OF INTESTATE SUCCESSION TO THE
PROPERTY OF A DECEDENT.

(E)     "PERSONAL REPRESENTATIVE" INCLUDES EXECUTOR, ADMINISTRATOR,
SUCCESSOR PERSONAL REPRESENTATIVE, SPECIAL ADMINISTRATOR, AND PERSONS
WHO PERFORM SUBSTANTIALLY THE SAME FUNCTION UNDER THE LAW
GOVERNING THEIR STATUS.

(F)      "PROPERTY" INCLUDES BOTH REAL AND PERSONAL PROPERTY OR ANY
INTEREST THEREIN AND MEANS ANYTHING THAT MAY BE THE SUBJECT OF
OWNERSHIP.

(G)     "REGISTER", INCLUDING ITS DERIVATIVES, MEANS TO ISSUE A
CERTIFICATE SHOWING THE OWNERSHIP OF A CERTIFICATED SECURITY OR, IN THE
CASE OF AN UNCERTIFICATED SECURITY, TO INITIATE OR TRANSFER AN ACCOUNT
SHOWING OWNERSHIP OF SECURITIES.

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