§ 41-49. Terms, conditions, and forms for registration. - North Carolina Statutes

§ 41‑49.  Terms,conditions, and forms for registration.

(a)        A registeringentity offering to accept registrations in beneficiary form may establish theterms and conditions under which it will receive requests (i) for registrationsin beneficiary form, and (ii) for implementation of registrations inbeneficiary form, including requests for cancellation of previously registeredTOD beneficiary designations and requests for reregistration to effect a changeof beneficiary. The terms and conditions established may provide for provingdeath, avoiding or resolving any problems concerning fractional shares, anddesignating primary or contingent beneficiaries. Forms of identifyingbeneficiaries who are to take on one or more contingencies, and rules forproviding proofs and assurances needed to satisfy reasonable concerns byregistering entities regarding conditions and identities relevant to accurateimplementation of registrations in beneficiary form, may be contained in aregistering entity's terms and conditions.

(b)        The following areillustrations of registrations in beneficiary form that a registering entitymay authorize:

(1)        Sole owner‑solebeneficiary: "John S. Brown TOD (or POD) John S. Brown, Jr."

(2)        Multiple owners‑solebeneficiary: "John S. Brown, Mary B. Brown JT TEN WROS TOD John S. Brown,Jr."

(3)        Multiple owners‑primaryand secondary (substituted) beneficiaries: "John S. Brown, Mary B. BrownJT TEN WROS TOD John S. Brown, Jr. SUB BENE Peter O. Brown". (2005‑411, s. 1.)