15-6-308. PROTECTION OF REGISTERING ENTITY. (1) 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 part.
(2) 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 part.
(3) 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 15-6-307, Idaho Code, and does so in good faith reliance (i) on the registration, (ii) on this part, 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 part 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 part.
(4) The protection provided by this part 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.
History:
[15-6-308, added 1996, ch. 303, sec. 1, p. 998.]
Structure Idaho Code
Title 15 - UNIFORM PROBATE CODE
Chapter 6 - NONPROBATE TRANSFERS
Part 3 - UNIFORM TOD SECURITY REGISTRATION ACT
Section 15-6-301 - DEFINITIONS.
Section 15-6-302 - REGISTRATION IN BENEFICIARY FORM — SOLE OR JOINT TENANCY OWNERSHIP.
Section 15-6-303 - REGISTRATION IN BENEFICIARY FORM — APPLICABLE LAW.
Section 15-6-304 - ORIGINATION OF REGISTRATION IN BENEFICIARY FORM.
Section 15-6-305 - FORM OF REGISTRATION IN BENEFICIARY FORM.
Section 15-6-306 - EFFECT OF REGISTRATION IN BENEFICIARY FORM.
Section 15-6-307 - OWNERSHIP ON DEATH OF OWNER.
Section 15-6-308 - PROTECTION OF REGISTERING ENTITY.
Section 15-6-309 - NONTESTAMENTARY TRANSFER ON DEATH.
Section 15-6-310 - TERMS, CONDITIONS AND FORMS FOR REGISTRATION.