815 ILCS 10/0.01
Short title
Short title. This Act may be cited as the Uniform TOD Security Registration Act. (Source: P.A. 88-577, eff. 1/1/95.)
Illinois Compiled Statutes 815 ILCS 10 — Uniform TOD Security Registration Act.
Illinois · statute · 815 ILCS 10 · 13 active provisions
Provisions
815 ILCS 10/1
Definitions
Definitions. In this Act, 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…
815 ILCS 10/2
Registration in beneficiary form; sole or joint tenancy ownership
Registration in beneficiary form; sole or joint tenancy ownership. Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a…
815 ILCS 10/3
Registration in beneficiary form; applicable law
Registration in beneficiary form; applicable law. A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its o…
815 ILCS 10/4
Origination of registration in beneficiary form
Origination of registration in beneficiary form. A security, whether evidenced by 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. (Source: P.A. 88-577, eff. 1-1-9…
815 ILCS 10/5
Form of registration in beneficiary form
Form of registration in beneficiary form. Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD", or by the words "pay on death" or the abbreviation "POD", after the name of the registered owner and before the name of a beneficiary. (Source: P.A. 88-577, eff. 1-1-95.)
815 ILCS 10/6
Effect of registration in beneficiary form and cancellation
Effect of registration in beneficiary form and cancellation. The designation of a TOD 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 then surviving owne…
815 ILCS 10/7
Ownership on death of owner
Ownership on death of owner. On death of a sole owner or the last to die of all multiple owners, 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…
815 ILCS 10/8
Protection of registering entity
Protection of registering entity. (a) 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 given to th…
815 ILCS 10/9
Nontestamentary transfer on death
Nontestamentary transfer on death. (a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this Act and is not testamentary. (b) This Act does not limit or expand the rights of creditors…
815 ILCS 10/10
Terms, conditions, and forms for registration
Terms, conditions, and forms 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 (i) for registrations in beneficiary form, and (ii) for implementation of registrations in beneficiary form, including…
815 ILCS 10/11
Short title; rules of construction
Short title; rules of construction. (1) Short title. See Section 0.01. (2) This Act 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 this Act among states enacting it. (3) Unless displaced by the particular provisions of t…
815 ILCS 10/12
Application of Act
Application of Act. This Act applies to registrations of securities in beneficiary form made before, on, or after the effective date of this Act, by decedents dying on or after the effective date. (Source: P.A. 88-577, eff. 1-1-95.)