§1711.6. Registering entity

            A. 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 this Chapter.

            B. By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration shall be implemented on death of the deceased owner as provided in this Chapter.

            C. A registering entity shall not be held liable and is discharged from all claims to a security by the estate, surviving spouse, creditors, heirs, legatees, or forced heirs of a deceased owner if it registers a transfer of the security in accordance with this Chapter and does so in good faith reliance on the registration in beneficiary form, on this Chapter, and on information provided to it by affidavit of the succession representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives. The protections of this Chapter do not extend to a registration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or information available to the registering entity affects its right to protection under this Chapter.

            D. The protection provided by this Chapter to the registering entity of a security does not affect the rights of succession representatives, surviving spouses, heirs, legatees, forced heirs, or creditors in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.

            Acts 2021, No. 167, §1, eff. Jan. 1, 2022.