Sec. 10. (a) A written assignment of a contract right that:
(1) assigns the right to receive any performance remaining due under the contract to an assignee designated by the owner; and
(2) expressly states that the assignment does not take effect until the death of the owner;
transfers the right to receive performance due under the contract to the designated assignee beneficiary if the assignment satisfies the requirements of subsection (b).
(b) A written assignment described in subsection (a) is effective upon the death of the owner if the assignment is:
(1) executed; and
(2) delivered;
to the contract obligor before the death of the owner.
(c) A beneficiary assignment described in this section is not required to be supported by consideration or delivered to the assignee beneficiary.
(d) This section does not preclude other methods of assignment that are permitted by law and have the effect of postponing the enjoyment of the contract right until after the death of the owner.
As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.29.
Structure Indiana Code
Article 17. Interests in Property
Chapter 14. Transfer on Death Property Act
32-17-14-0.2. Application of Prior Law
32-17-14-2.1. Application of Chapter to Preexisting Transfer on Death Transfers
32-17-14-5. General Rules Concerning Transfer on Death Transfers
32-17-14-6. Authority of a Transferring Entity
32-17-14-7. Agreement Between Owner and Transferring Entity
32-17-14-8. Transferring Entity's Acceptance of a Beneficiary Designation
32-17-14-9. Beneficiary Designation; Effects; Requirements
32-17-14-10. Assignment of Contract Rights
32-17-14-11. Transfer on Death Deeds
32-17-14-12. Transfer on Death Transfers of Tangible Personal Property
32-17-14-13. Direct Transfer to a Transferee to Hold as Owner in Beneficiary Form
32-17-14-14. Registration in Beneficiary Form
32-17-14-16. Changing or Revoking a Beneficiary Designation
32-17-14-17. Powers of an Attorney in Fact, a Guardian, a Conservator, or an Agent
32-17-14-20. Beneficiary Required to Survive the Owner
32-17-14-21. Trusts as Designated Beneficiaries
32-17-14-22. Substitution for Designated Beneficiaries Who Do Not Survive the Owner
32-17-14-23. Effect of Dissolution or Annulment
32-17-14-24. Fraud, Duress, Undue Influence, Mistake, or Lack of Capacity
32-17-14-25. Rights of Surviving Spouses and Children
32-17-14-26. General Rules Applying to a Beneficiary Designation
32-17-14-27. Powers and Duties of a Transferring Entity
32-17-14-28. Effect of Improper Distributions
32-17-14-29. Creditors of an Owner