461.012. Nonprobate transfers subject to agreement of transferring entity, when.
Nonprobate transfers subject to agreement of transferring entity,when.
461.012. 1. When any of the following is required, provision for anonprobate transfer is a matter of agreement between the owner and thetransferring entity, under such rules, terms and conditions as the ownerand transferring entity may agree:
(1) Submission to the transferring entity of a beneficiarydesignation under a governing instrument;
(2) Registration by a transferring entity of a transfer on deathdirection on any certificate or record evidencing ownership of property;
(3) The consent of a contract obligor for a transfer of performancedue under the contract;
(4) The consent of a financial institution for a transfer of anobligation of the financial institution; or
(5) The consent of a transferring entity for a transfer of aninterest in the transferring entity.
2. Whenever subsection 1 of this section is applicable, sections461.003 to 461.081 do not impose an obligation on a transferring entity toaccept an owner's request to make provision for a nonprobate transfer ofproperty.
3. When a beneficiary designation, revocation or change is subject toacceptance by a transferring entity, the transferring entity's acceptanceof the beneficiary designation, revocation or change relates back to and iseffective as of the time when the request was received by the transferringentity.
(L. 1989 H.B. 145 § 20, A.L. 1995 S.B. 116)