21.35.050 - Registering entity -- Terms and conditions -- Forms authorized. - Washington Statutes

Registering entity — Terms and conditions — Forms authorized.

(1) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (a) for registrations in beneficiary form, and (b) for implementation of registrations in beneficiary form, including requests for cancellation of previously registered TOD beneficiary designations and requests for reregistration to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, and designating beneficiaries. Other rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form may be contained in a registering entity's terms and conditions.

     (2) The following are illustrations of registrations in beneficiary form that a registering entity may authorize:

     (a) Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown Jr.

     (b) Multiple owners-sole beneficiary: John S. Brown Mary B. Brown JT TEN TOD John S. Brown Jr.

     (c) Multiple owners-multiple beneficiaries: John S. Brown Mary B. Brown JT TEN TOD John S. Brown Jr. Peter Q. Brown.

[1993 c 287 § 10.]