(1) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and ss. 711.50–711.512 and is not testamentary.

   (2) Sections 711.50–711.512 do not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.

s. 3, ch. 94-216.