§ 911. Terms, conditions and form for registration
Oklahoma Statutes AnnotatedTitle 71. Securities
71 Okl.St.Ann. § 911
§ 911. Terms, conditions and form for registration
A. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests for registrations in beneficiary form, and 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, but need not be limited to, the following:
B. Substitution may be indicated by appending to the name of the primary beneficiary the letters “LDPS”, standing for “lineal descendants per stirpes”. 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.
C. 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.
Credits
Laws 1994, c. 208, § 11, eff. Sept. 1, 1994.
71 Okl. St. Ann. § 911, OK ST T. 71 § 911
Current with emergency effective legislation through Chapter 292 of the First Regular Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
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