Oklahoma § 71-909 - Protections for registering entity

§ 71-909. Protections for registering entity

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 act.

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 owner as provided

in this act.

C. 1. A registering entity is discharged from all claims to a

security by the estate, creditors, heirs, or devisees of a deceased

Oklahoma Statutes - Title 71. Securities

owner if it registers a transfer of the security in accordance with

Section 7 of this act and does so in good faith reliance on:

a.

the registration,

b.

this act, and

c.

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;

2. The protections of this act 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

act.

D. The protection provided by this act 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.

Added by Laws 1994, c. 208, § 9, eff. Sept. 1, 1994.