Fla. Stat. § 711.50
Short title
Sections 711.50-711.512 may be cited as the “Florida Uniform Transfer-on-Death Security Registration Act.”
Florida Statutes Chapter 711 — FLORIDA UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT
Florida · statute · Fla. Stat. ch. 711 · 13 active provisions
Fla. Stat. § 711.501
Definitions
In ss. 711.50-711.512, unless the context otherwise requires, the term:(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…
Fla. Stat. § 711.502
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 security registered in beneficiary form hold as joint tenants with…
Fla. Stat. § 711.503
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 office making the registration, or by this or a sim…
Fla. Stat. § 711.504
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.
Fla. Stat. § 711.505
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.
Fla. Stat. § 711.506
Effect of registration in beneficiary form
The designation of a transfer-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 then-surviving owners without the consent of the beneficiary.
Fla. Stat. § 711.507
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 entity, a security registered i…
Fla. Stat. § 711.508
Protection of registering entity
(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 given to the registering entity by ss. 711.50…
Fla. Stat. § 711.509
Nontestamentary transfer on death
(1) 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 ss. 711.50-711.512 and is not testamentary.(2) Sections 711.50-711.512 do not limit the rights of creditors of security owners agai…
Fla. Stat. § 711.51
Terms, conditions, and forms for registration
(1) 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 requests for implementation of registrations in beneficiary form, including requests for cancellation of previously registe…
Fla. Stat. § 711.511
Rules of construction
(1) Sections 711.50-711.512 shall be liberally construed and applied to promote their underlying purposes and policy and to make uniform the laws with respect to the subject of these sections among states enacting them.(2) Unless displaced by the particular provisions of ss. 711.50-711.512, the principles of law and eq…
Fla. Stat. § 711.512
Application of ss. 711.50-711.512
Sections 711.50-711.512 apply to registrations of securities in beneficiary form made before, on, or after January 1, 1995, by decedents dying on or after January 1, 1995.