(a) A transfer on death resulting from a registration in beneficiary form pursuant to this chapter is effective by reason of the contract regarding the registration between the owner and the registering entity, is not testamentary, and any security being transferred by it is not considered an asset of the decedent’s estate subject to probate.
(b) This chapter does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of the state.