64.1-206.4 - Form of registration in beneficiary form; effect. - Virginia Statutes

§ 64.1-206.4. Form of registration in beneficiary form; effect.

Registration in beneficiary form may be shown by the words "transfer ondeath" or the abbreviation "TOD," or by the words "pay on death" or theabbreviation "POD," after the name of the registered owner and before thename of the beneficiary.

The designation of a TOD beneficiary on a registration in beneficiary formhas no effect on ownership until the owner's death. A registration of asecurity in beneficiary form may be canceled or changed at any time by thesole owner or all then surviving owners without the consent of thebeneficiary.

(1994, c. 422.)