1. When any of the following is required, provision for a nonprobate transfer is a
matter of agreement between the owner and the transferring entity, under such rules,
terms and conditions as the owner and transferring entity may agree:
(1) Submission to the transferring entity of a beneficiary designation under a governing
(2) Registration by a transferring entity of a transfer on death direction on any
certificate or record evidencing ownership of property;
(3) The consent of a contract obligor for a transfer of performance due under the
(4) The consent of a financial institution for a transfer of an obligation of the
financial institution; or
(5) The consent of a transferring entity for a transfer of an interest in the transferring
2. Whenever subsection 1 of this section is applicable, sections 461.003 to 461.081 do not impose an obligation on a transferring entity to accept an owner's request
to make provision for a nonprobate transfer of property.
3. When a beneficiary designation, revocation or change is subject to acceptance by
a transferring entity, the transferring entity's acceptance of the beneficiary designation,
revocation or change relates back to and is effective as of the time when the request
was received by the transferring entity.
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