Sec. 45a-468j. Terms, conditions and forms for registration.
Sec. 45a-468j. Terms, conditions and forms for registration. A registering entity offering to accept registrations in beneficiary form may establish the terms and
conditions under which it will receive requests (1) for registrations in beneficiary form,
and (2) 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 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. 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. 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.
(P.A. 97-42, S. 10.)