Iowa · statute · Iowa Code ch. 633D · 12 active provisions
1. This chapter shall be known and may be cited as the uniform transfer on death security registration Act. 2. The provisions of this chapter shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of its provisions among states ena…
As used in this chapter, unless the context otherwise requires: 1. “Beneficiary form” means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. 2. “Devisee” means any per…
Only an individual whose registration of a security shows sole ownership by one individual or multiple ownership by two or more individuals with a right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form shall hold…
1. A security may be registered in beneficiary form if the form is authorized by this chapter or a similar statute of the state of any of the following: a. The state of organization of the issuer or registering entity. b. The state of location of the registering entity’s principal office. c. The state of location of th…
A security, whether evidenced by a certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
Registration in beneficiary form may be shown by any of the following, appearing after the name of the registered owner and before the name of a beneficiary: 1. The words “transfer on death” or the abbreviation “TOD”. 2. The words “pay on death” or the abbreviation “POD”.
The designation of a transfer on death or pay on death beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be canceled or changed at any time by the sole owner or all surviving owners without the consent of the benefi…
1. If other assets of the estate of a deceased owner are insufficient to pay debts, taxes, and expenses of administration, including statutory allowances to the surviving spouse and children, a transfer at death of a security registered in beneficiary form is not effective against the estate of the deceased sole owner,…
On the death of a sole owner or on the death of the sole surviving owner of multiple owners, the ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering en…
1. A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections provided to the registering entity by this cha…
1. A transfer on death resulting from a registration in beneficiary form shall be effective by reason of the contract regarding the registration between the owner and the registering entity under the provisions of this chapter, and is not testamentary. 2. The provisions of this chapter do not limit the rights of credit…
1. A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which the registering entity receives requests for either of the following: a. Registration in beneficiary form. b. Implementation of registrations in beneficiary form, including requests for cancel…