Kentucky Statutes 292.6509 – Nontestamentary transfer on death
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(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 KRS § 292.6512 and is not testamentary.
(2) KRS § 292.6501 to KRS § 292.6512 does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this Commonwealth.
Effective: August 1, 1998
History: Created 1998 Ky. Acts ch. 407, sec. 9, effective August 1, 1998.
(2) KRS § 292.6501 to KRS § 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.