                                 CODE OF VIRGINIA

PROTECTION OF REGISTERING ENTITY (§ 64.2-617)

A. A registering entity is not required to offer or to accept a request for
security registration in beneficiary form. If a registration in beneficiary form
is offered by a registering entity, the owner requesting registration in
beneficiary form assents to the protection given to the registering entity by
this article.

B. By accepting a request for registration of a security in beneficiary form,
the registering entity agrees that the registration will be implemented on death
of the deceased owner as provided in this article.

C. A registering entity is discharged from all claims to a security by the
estate, creditors, heirs, or devisees of a deceased owner if it registers a
transfer of the security in accordance with &#xA7; 64.2-616 and does so in good
faith reliance (i) on the registration, (ii) on this article, and (iii) on
information provided to it by affidavit of the personal representative of the
deceased owner, or by the surviving beneficiary or by the surviving
beneficiary&#8217;s representative, or on other information available to the
registering entity. The protections of this article do not extend to a
reregistration or payment made after a registering entity has received written
notice from any claimant to any interest in the security objecting to
implementation of a registration in beneficiary form. No other notice or other
information available to the registering entity affects its right to protection
under this article.

D. The protection provided by this article to the registering entity of a
security does not affect the rights of beneficiaries in disputes between
themselves and other claimants to ownership of the security transferred or its
value or proceeds.

HISTORY: 1994, c. 422, § 64.1-206.6; 2012, c. 614.