Arizona § 14-6308 - Registering entity; obligations; protection

§ 14-6308. Registering entity; obligations; protection

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 protections 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 it will implement the registration on the 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 section 14-6307 and does so in good faith reliance on the registration, on the requirements of this article and on information provided to it by affidavit of the personal representative of the deceased owner, the surviving beneficiary or the surviving beneficiary's representatives or by other information available to the registering entity.

D. The protections of this section do not extend to a reregistration or payment made after a registering entity receives written notice that a claimant to any interest in the security objects 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 section.

E. This section 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.