§ 7-11.1-11. Terms — Conditions — Forms for registration.
(a)(1) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests:
(i) For registrations in beneficiary form; and
(ii) For implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary.
(2) The terms and conditions so established 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 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 one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities 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 that 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.
History of Section.P.L. 1998, ch. 260, § 1.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act
Section 7-11.1-1. - Short title — Rules of construction.
Section 7-11.1-2. - Definitions.
Section 7-11.1-3. - Registration in beneficiary form — Sole or joint tenancy ownership.
Section 7-11.1-4. - Registration in beneficiary form — Applicable law.
Section 7-11.1-5. - Origination of registration in beneficiary form.
Section 7-11.1-6. - Form of registration in beneficiary form.
Section 7-11.1-7. - Effect of registration in beneficiary form.
Section 7-11.1-8. - Ownership on death of owner.
Section 7-11.1-9. - Protection of registering entity.
Section 7-11.1-10. - Nontestamentary transfer on death.
Section 7-11.1-11. - Terms — Conditions — Forms for registration.