SB No. 504

UNIFORM TRANSFER ON DEATH SECURITY REGISTRATION ACT

(Now You See It, Now You Don't)

Despite efforts to persuade him to veto it, Governor Bush signed SB 504 on April 17, 1997. The bill adopted the Uniform Transfer on Death Security Registration Act. In general, this act would have permitted self-help nontestamentary transfers of securities. It was to be effective September 1, 1997.

Although word did not reach the Governor in time for him to veto SB 504, Governor Bush was alerted to the problems in this bill soon enough for him to encourage the Legislature to repeal the Uniform Transfer on Death Security Registration Act before it became effective. SB 506, which was signed by the Governor on June 20, 1997, repeals the Act. Thus, SB 504 is only of historical significance.

SB 504 would have added Sections 466 to 480 to the Probate Code:

Sec. 466 Definitions

Sec. 467 Registration in Beneficiary Form; Sole or Joint Tenancy Ownership

Sec. 468 Registration in Beneficiary Form; Applicable Law

Sec. 469 Origination of Registration in Beneficiary Form

Sec. 470 Form of Registration in Beneficiary Form

Sec. 471 Effect of Registration in Beneficiary Form

Sec. 472 Ownership on Death of Owner

Sec. 473 Protection of Registering Entity

Sec. 474 Nontestamentary Transfer on Death

Sec. 475 Rights of Creditor on Registration

Sec. 476 Terms, Conditions, and Forms for Registration

Sec. 477 Notice of Effect of Registration

Sec. 478 Effect of Certain Security Account on Community Property Interest

Sec. 479 Short Title; Rules of Construction

Sec. 480 Application of Act


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Copyright © 1997 by Glenn M. Karisch. This page was last revised on June 25, 1997.