Download as PDF
292.6508 Protection of registering entity.
(1)
(2)
(3)
(4)
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 KRS 292.6501 to 292.6512.
By accepting a request for registration of a security in beneficiary form, the
registering entity agrees that the registration will be implemented on death of the
deceased owner as provided in KRS 292.6501 to 292.6512.
A registering entity is discharged from all claims to a security by the estate,
creditors, heirs, or devisees of a deceased owner if it registers a transfer of the
security in accordance with KRS 292.6507 and does so in good faith reliance:
(a) On the registration;
(b) On KRS 292.6501 to 292.6512; and
(c) On information provided to it by affidavit of the personal representative of the
deceased owner, or by the surviving beneficiary or by the surviving
beneficiary's representatives, or other information available to the registering
entity.
The protections of KRS 292.6501 to 292.6512 do not extend to a reregistration 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 other information available to the registering
entity affects its right to protection under KRS 292.6501 to 292.6512.
The protection provided by KRS 292.6501 to 292.6512 to the registering entity of a
security does not affect the rights of the beneficiaries in disputes between
themselves and other claimants to ownership of the security transferred or its value
or proceeds.
Effective: August 1, 1998
History: Created 1998 Ky. Acts ch. 407, sec. 8, effective August 1, 1998.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
