§ 41-48. Nontestamentary transfer on death.
§ 41‑48. Nontestamentary transfer on death.
(a) A transfer on deathresulting from a registration in beneficiary form is effective by reason of thecontract regarding the registration between the owner and the registeringentity and this Article and is not testamentary.
(b) The interest of adeceased owner when there are one or more surviving owners remains liable forthe debts of the decedent in the same manner as the personal property includedin the decedent's estate, and recovery of that interest shall be made from thesurviving owner or owners when the decedent's estate is insufficient to satisfythe debts. The interest of a deceased sole owner, or the last to die of severalowners, remains liable for the debts of the decedent in the same manner as thepersonal property included in the decedent's estate, and recovery of thatinterest shall be made from the TOD beneficiary when the decedent's estate isinsufficient to satisfy the debts.
(c) This Article doesnot repeal or modify any provision of law relating to estate taxes. (2005‑411, s. 1.)