Michigan Laws 700.6309 – Nontestamentary transfer on death
Current as of: 2024 | Check for updates
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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 this part, and is not testamentary.
(2) This part does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
Terms Used In Michigan Laws 700.6309
- Contract: A legal written agreement that becomes binding when signed.
- Registering entity: means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Michigan Laws 700.6301
- Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, uncertificated security, and security account. See Michigan Laws 700.6301
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or a territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 700.1107