Massachusetts General Laws ch. 190B sec. 6-306 – Effect of registration in beneficiary form
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Section 6–306. [Effect of Registration in Beneficiary Form.]
Terms Used In Massachusetts General Laws ch. 190B sec. 6-306
- 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 transfer on death beneficiary on a registration in beneficiary form shall have 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 surviving owners without the consent of the beneficiary.