Nevada § 488.1794 - Certificate of ownership in beneficiary form: Application; issuance to tenant in common prohibited; contents; effect; revocation; encumbrances; duties of Department; transfer upon death not testamentary

§ 488.1794. Certificate of ownership in beneficiary form: Application; issuance to tenant in common prohibited; contents; effect; revocation; encumbrances; duties of Department; transfer upon death not testamentary

1. The owner or joint owners of a power-driven vessel may request the Department to

issue a certificate of ownership in beneficiary form for the power-driven vessel which

includes a directive to the Department to transfer the certificate of ownership upon

the death of the owner or upon the death of all joint owners to a beneficiary named

on the face of the certificate of ownership. 2. A request made pursuant to subsection 1 must be submitted on an application made

available by the Department and accompanied by the fee for the issuance of a certificate

of ownership. 3. A certificate of ownership in beneficiary form may not be issued to a person who

holds an interest in a power-driven vessel as a tenant in common with another person. 4. A certificate of ownership in beneficiary form must include after the name of the

owner, or after the names of joint owners, the words “transfer on death to” or the

abbreviation “TOD” followed by the name of the beneficiary. 5. During the lifetime of a sole owner or before the death of the last surviving joint

owner: (a) The signature or consent of the beneficiary is not required for any transaction

relating to a power-driven vessel for which a certificate of ownership in beneficiary

form has been issued; and (b) The certificate of ownership in beneficiary form may be revoked or the beneficiary

changed at any time by: (1) Sale of the power-driven vessel with proper assignment and delivery of the certificate

of ownership to another person; or (2) Filing an application with, and paying a fee to, the Department to reissue the

certificate of ownership with no designation of a beneficiary or with the designation

of a different beneficiary. 6. The interest of the beneficiary in a power-driven vessel on the death of the sole

owner or on the death of the last surviving joint owner is subject to any contract

of sale, assignment or ownership or security interest to which the owner or owners

of the power-driven vessel were subject during their lifetime. 7. Except as otherwise provided in paragraph (b) of subsection 5, the designation

of a beneficiary in a certificate of ownership in beneficiary form may not be changed

or revoked by will, any other instrument or a change in circumstances, or otherwise

changed or revoked. 8. The Department shall, upon: (a) Proof of death of one of the owners, of two or more joint owners or of a sole

owner; (b) Surrender of the outstanding certificate of ownership in beneficiary form; and (c) Application and payment of the fee for a certificate of ownership, issue a new certificate of ownership for the power-driven vessel to the surviving

owner or owners or, if none, to the beneficiary, subject to any security interest. 9. For the purposes of complying with the provisions of subsection 8, the Department

may rely on a death certificate, record or report that constitutes prima facie evidence

of death. 10. The transfer on death of a power-driven vessel pursuant to this section is not

considered as testamentary and is not subject to administration pursuant to the provisions

of title 12 of NRS. 11. As used in this section: (a) “ Beneficiary ” means a person or persons designated to become the owner or owners of a power-driven

vessel on the death of the preceding owner or owners. (b) “ Certificate of ownership in beneficiary form ” means a certificate of ownership of a power-driven vessel that indicates the present

owner or owners of the power-driven vessel and designates a beneficiary.