461.014 Transferring entity, obligation resulting from acceptance and registration.

461.014. Transferring entity, obligation resulting from acceptance and registration. — When a transferring entity accepts a beneficiary designation or beneficiary assignment, or registers property in beneficiary form, the acceptance or registration constitutes the agreement of the owner and transferring entity that, unless the beneficiary designation is revoked or changed prior to the owner's death, on proof of death of the owner and compliance with the transferring entity's requirements for showing proof of entitlement, the property will be transferred to and placed in the name and control of the beneficiary in accordance with the beneficiary designation or transfer on death direction, the agreement of the parties and sections 461.003 to 461.081 .

(L. 1989 H.B. 145 § 21, A.L. 1995 S.B. 116)