Guam § 859 - Protection of Registering Entity.

§ 859. Protection of Registering Entity.

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CH. 8 SUCCESSION & SECURITIES TRANSFER

(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 Chapter.

(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 Chapter.

(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 § 808, and does so in good

faith reliance on the registration, on this part, and 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’s

representatives, or other information available to the registering entity.

(d) The protections of this Chapter do not extend to a re-registration

or payment made after a registering entity has received written notice

from any claimant to any interest in the security objecting

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 Chapter. The protection provided by this Chapter 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.