Transfer-on-death is not testamentary
Applied in 2 court decisions — leading case Buzulencia v. TMS Mortgage, Inc. (In Re Baker) (2003)
Most recently applied in Baumgart v. Potts (In Re Potts) (October 2006)
Effective: October 1, 1993; Latest Legislation: House Bill 62 - 120th General Assembly
(A) Any transfer-on-death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner of the security and the registering entity and by reason of sections 1709.01 to 1709.11 of the Revised Code and is not testamentary.
(B) Sections 1709.01 to 1709.11 of the Revised Code do not limit the rights of creditors of the owners of securities against beneficiaries and other transferees under other laws of this state.
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.