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§ 16-110. Terms, conditions, and forms for registration

West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019

West's Annotated Code of Maryland
Estates and Trusts (Refs & Annos)
Title 16. Maryland Uniform Transfer-on-Death (Tod) Security Registration Act (Refs & Annos)
Effective: October 1, 2019
MD Code, Estates and Trusts, § 16-110
§ 16-110. Terms, conditions, and forms for registration
Currentness
In general
(a)(1) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for:
(i) Registrations in beneficiary form; and
(ii) 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.
(2) The terms and conditions established under this subsection may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death.
(3)(i) Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for “lineal descendants per stirpes”.
(ii) This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate.
(4) Other forms of identifying beneficiaries who are to take on one or more contingencies, and 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.
Examples of registrations in beneficiary form
(b) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown, Jr.
(2) Multiple owners-sole beneficiary: John S. Brown, Mary B. Brown Jt. Ten. TOD John S. Brown, Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown, Mary B. Brown Jt. Ten. TOD, John S. Brown, Jr. Sub Bene Peter Q. Brown or John S. Brown, Mary B. Brown Jt. Ten. TOD, John S. Brown, Jr. LDPS.

Credits

Added by Acts 1994, c. 644, § 1, eff. Oct. 1, 1994. Amended by Acts 1995, c. 3, § 1, eff. March 7, 1995; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 16-110, MD EST & TRST § 16-110
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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