Illinois Compiled Statutes 815 ILCS 10/6 – Effect of registration in beneficiary form and cancellation
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 815 ILCS 10/6
- 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
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. 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.