The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner’s death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary.
Ala. Code § 8-6-145
Designation of Tod; Registration Cancelled or Changed.
Known as the Uniform TOD Security Registration Act
The act spans §§ 8-6-140 to 8-6-151 (12 sections).
(Acts 1997, No. 97-703, p. 1451, §6.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.