461.028. Registration of property, including accounts and securities in beneficiary form, effect.

MISSOURI STATUTES AND CODES

461.028. Registration of property, including accounts and securities in beneficiary form, effect.

Registration of property, including accounts and securities inbeneficiary form, effect.

461.028. 1. Property may be held or registered in beneficiary formby including in the name in which the property is held or registered adirection to transfer the property on death of the owner to a beneficiarydesignated by the owner.

2. Property is registered in beneficiary form by showing on theaccount record, security certificate or instrument evidencing ownership ofthe property the name of the owner, and the estate by which two or morejoint owners hold the property, followed in substance by the words"transfer on death to .............. (name of beneficiary)". In lieu ofthe words "transfer on death to" the words "pay on death to" or theabbreviation "TOD" or "POD" may be used.

3. A transfer on death direction may only be placed on an accountrecord, security certificate or instrument evidencing ownership of propertyby the transferring entity or a person authorized by the transferringentity.

4. A transfer on death direction transfers the owner's interest inthe property to the designated beneficiary, effective on the owner's death,if the property is registered in beneficiary form prior to the death of theowner, or if the request to make the transfer on death direction isdelivered in proper form to the transferring entity prior to the owner'sdeath.

5. An account record, security certificate or instrument evidencingownership of property that contains a transfer on death direction writtenas part of the name in which the property is held or registered, isconclusive evidence in the absence of fraud, duress, undue influence orevidence of clerical mistake by the transferring entity that the directionwas regularly made by the owner and accepted by the transferring entity,and was not revoked or changed prior to the death giving rise to thetransfer; and the transferring entity shall have no obligation to retainthe original writing, if any, by which the owner caused the property to beregistered in beneficiary form, more than six months after the transferringentity has mailed or delivered to the owner, at the address shown on theregistration, an account statement, certificate or instrument that showsthe manner in which the property is held or registered in beneficiary form.