Arizona Laws 14-6306. Effect of registration
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A. The designation of a transfer on death beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death.
Terms Used In Arizona Laws 14-6306
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security on the owner's death. See Arizona Laws 14-6301
- Security: means any share, participation or other interest in property, in a business or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security and a security account. See Arizona Laws 14-6301
B. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all then surviving owners without the consent of the beneficiary.