2010 New York Code
EPT - Estates, Powers & Trusts
13-4.8 - Protection of registering entity

§ 13-4.8 Protection of 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 part.
    (b)  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  this
    (c)  A  registering entity is discharged from all claims to a security
  by the estate,  creditors,  distributees,  legatees  or  devisees  of  a
  deceased  owner if it registers a transfer of the security in accordance
  with section 13-4.7 and does so  in  good  faith  reliance  (i)  on  the
  registration, (ii) on this part, and (iii) 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 this part 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 this part.
    (d)  The protection provided by this part to the registering entity of
  a security does not affect  the  rights  of  beneficiaries  in  disputes
  between  themselves  and  other  claimants  to ownership of the security
  transferred or its value or proceeds.

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