(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 KRS 292.6501 to 292.6512 and is not testamentary.
(2) KRS 292.6501 to 292.6512 does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this Commonwealth.

Terms Used In Kentucky Statutes 292.6509

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Security: means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, life settlement investment, voting-trust certificate, certificate of deposit for a security. See Kentucky Statutes 292.310

Effective: August 1, 1998
History: Created 1998 Ky. Acts ch. 407, sec. 9, effective August 1, 1998.