75-6-309 - Protection of registering entity. - Utah Statutes

75-6-309. Protection of registering entity.
(1) A registering entity is not required to offer or to accept a request for securityregistration in beneficiary form. If a registration in beneficiary form is offered by a registeringentity, the owner requesting registration in beneficiary form assents to the protections given to theregistering entity by this part.
(2) By accepting a request for registration of a security in beneficiary form, theregistering entity agrees that the registration will be implemented on death of the deceased owneras provided in this part.
(3) A registering entity is discharged from all claims to a security by the estate, creditors,heirs, or devisees of a deceased owner if it registers a transfer of the security in accordance withSection 75-6-307 and does so in good faith reliance on:
(a) the registration;
(b) this part; and
(c) information provided to it by affidavit of the personal representative of the deceasedowner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or otherinformation available to the registering entity. The protections of this part do not extend to areregistration or payment made after a registering entity has received written notice from anyclaimant to any interest in the security objecting to implementation of a registration in beneficiaryform. No other notice or other information available to the registering entity affects its right toprotection under this part.
(4) The protection provided by this part to the registering entity of a security does notaffect the rights of beneficiaries in disputes between themselves and other claimants to ownershipof the security transferred or its value or proceeds.

Amended by Chapter 79, 1996 General Session