461.005. Definitions.
Definitions.
461.005. In sections 461.003 to 461.081, unless the context otherwiserequires, the following terms mean:
(1) "Beneficiary", a person or persons designated or entitled toreceive property pursuant to a nonprobate transfer on surviving one or morepersons;
(2) "Beneficiary designation", a provision in writing that is not awill that designates the beneficiary of a nonprobate transfer, includingthe transferee in an instrument that makes the transfer effective on deathof the owner, and that complies with the conditions of any governinginstrument, the rules of any transferring entity and applicable law;
(3) "Death of the owner", in the case of joint owners, means death ofthe last surviving owner;
(4) "In proper form", a phrase which applies to a beneficiarydesignation or a revocation or change thereof, or a request to make, revokeor change a beneficiary designation, which complies with the terms of thegoverning instrument, the rules of the transferring entity and applicablelaw, including any requirements with respect to supplemental documents;
(5) "Joint owners", persons who hold property as joint tenants withright of survivorship and a husband and wife who hold property as tenantsby the entirety;
(6) "LDPS", an abbreviation of lineal descendants per stirpes whichmay be used in a beneficiary designation to designate a substitutebeneficiary as provided in section 461.045;
(7) "Nonprobate transfer", a transfer of property taking effect uponthe death of the owner, pursuant to a beneficiary designation. Anonprobate transfer under sections 461.003 to 461.081 does not includesurvivorship rights in property held as joint tenants or tenants by theentirety, a transfer to a remainderman on termination of a life tenancy, atransfer under a trust established by an individual, either inter vivos ortestamentary, a transfer pursuant to the exercise or nonexercise of a powerof appointment, or a transfer made on death of a person who did not havethe right to designate his or her estate as the beneficiary of thetransfer;
(8) "Owner", a person or persons having a right, exercisable alone orwith others, regardless of the terminology used to refer to the owner inany written beneficiary designation, to designate the beneficiary of anonprobate transfer, and includes joint owners. The provisions of thissubdivision shall apply to all beneficiary deeds executed and filed at anytime, including, but not limited to, those executed and filed on or beforeAugust 28, 2005;
(9) "Ownership in beneficiary form", holding property pursuant to aregistration in beneficiary form or other writing that names the owner ofthe property followed by a transfer on death direction and the designationof a beneficiary;
(10) "Person", living individuals, entities capable of owningproperty and fiduciaries;
(11) "Proof of death", includes a death certificate or record orreport that is prima facie proof or evidence of death under section472.290, RSMo;
(12) "Property", any present or future interest in property, real orpersonal, tangible or intangible, legal or equitable. Property includes aright to direct or receive payment of a debt, money or other benefits dueunder a contract, account agreement, deposit agreement, employmentcontract, compensation plan, pension plan, individual retirement plan,employee benefit plan, trust or law, a right to receive performanceremaining due under a contract, a right to receive payment under apromissory note or a debt maintained in a written account record, rightsunder a certificated or uncertificated security, rights under an instrumentevidencing ownership of property issued by a governmental agency and rightsunder a document of title within the meaning of section 400.1-201, RSMo;
(13) "Registration in beneficiary form", titling of an accountrecord, certificate, or other written instrument evidencing ownership ofproperty in the name of the owner followed by a transfer on death directionand the designation of a beneficiary;
(14) "Security", a certificated or uncertificated security as definedin section 400.8-102, RSMo, including securities as defined in section409.401*, RSMo;
(15) "Transfer on death direction", the phrase "transfer on death to"or the phrase "pay on death to" or the abbreviation "TOD" or "POD" afterthe name of the owners and before the designation of the beneficiary; and
(16) "Transferring entity", a person who owes a debt or is obligatedto pay money or benefits, render contract performance, deliver or conveyproperty, or change the record of ownership of property on the books,records and accounts of an enterprise or on a certificate or document oftitle that evidences property rights, and includes any governmental agency,business entity or transfer agent that issues certificates of ownership ortitle to property and a person acting as a custodial agent for an owner'sproperty.
(L. 1989 H.B. 145 § 18, A.L. 1995 S.B. 116, A.L. 2005 S.B. 407 merged with S.B. 420 & 344)*Section 409.401 was repealed in 2003 by H.B. 380, effective 9-01-03.