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Text: S05673                            Text: S05675
Text: S05600 - S05699                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index


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Senate Amendment 5674

Amendment Text

PAG LIN
  1  1    Amend Senate File 2463 as follows:
  1  2    #1.  Page 8, by striking lines 12 and 13 and
  1  3 inserting the following:
  1  4    "a.  Any of the following:"
  1  5    #2.  Page 8, line 19, by inserting after the word
  1  6 "account" the following:  ", whether or not credited
  1  7 to the account before the owner's death".
  1  8    #3.  Page 10, by inserting after line 9 the
  1  9 following:
  1 10    "Sec.    .  NEW SECTION.  633.806A  UNPAID CLAIMS.
  1 11    1.  If other assets of the estate of a deceased
  1 12 owner are insufficient, a transfer at death of a
  1 13 security registered in beneficiary form is not
  1 14 effective against the estate of the deceased owner to
  1 15 the extent needed to pay claims against the estate and
  1 16 statutory allowances to the surviving spouse and
  1 17 children.
  1 18    2.  A beneficiary of a transfer on death security
  1 19 registration under this chapter is liable to account
  1 20 to the personal representative of the deceased owner
  1 21 for the value of the security as of the time of the
  1 22 deceased owner's death to the extent necessary to
  1 23 discharge these unpaid claims and allowances.  A
  1 24 proceeding against a beneficiary to assert liability
  1 25 shall not be commenced unless the personal
  1 26 representative has received a written demand by the
  1 27 surviving spouse, a creditor, a child, or a person
  1 28 acting for a minor child of the deceased owner.  The
  1 29 proceeding must be commenced within one year after the
  1 30 death of the owner.
  1 31    3.  A beneficiary against whom a proceeding to
  1 32 account is brought may join a beneficiary of any other
  1 33 security registered in beneficiary form by the
  1 34 deceased owner as a party to the proceeding."
  1 35    #4.  Page 12, line 22, by striking the word
  1 36 "primary".  
  1 37 
  1 38 
  1 39                              
  1 40 MARY LOU FREEMAN
  1 41 DONALD B. REDFERN
  1 42 SF 2463.202 76
  1 43 da/jj
     
Text: S05673                            Text: S05675
Text: S05600 - S05699                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index
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