Uniform TOD Security Registration Act Law and Legal Definition
Uniform TOD Security Registration Act was drafted by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 1989. This act provides non-probate transfer of specifically registered investment securities from owner to named beneficiaries at owner's death. The transfers like pay-on-death deposit accounts, are nontestamentary and do not fall into the probate estate of the deceased holder of these securities. A whole new echelon of property can be kept out of the probate estate, which makes estate planning for the purpose of avoiding probate easier. The statute encourages and protects intermediaries who decide to offer a security or account registration form showing the owner's name and another designated as the owner's choice to become owner at the owner's death. Where the Uniform Probate Code is in force, this act may be codified in Article 6 (as part 3) of the UPC.
This act is also known as the Uniform Transfer on Death Security Registration Act. Many states in the U.S have adopted this act.
Legal Definition list
- Uniform Testamentary Additions to Trusts Act
- Uniform Supervision of Trustees for Charitable Purposes Act
- Uniform Statutory Rule against Perpetuities Act
- Uniform Statutory Form Power Of Attorney Act
- Uniform Statute of Limitations on Foreign Claims Act
- Uniform TOD Security Registration Act
- Uniform Trade Secrets Act
- Uniform Transboundary Pollution Reciprocal Access Act
- Uniform Transfer of Litigation Act
- Uniform Transfer on Death Security Registration Act
- Uniform Transfers to Minors Act
