Vermont § 4358 - Protection of registering entity

§ 4358. Protection of 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 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 section 4357 of this chapter and does so in good faith reliance
  (i) on the registration, (ii) on this chapter, 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’s representatives, or other information
  available to the registering entity. The protections of this chapter 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 chapter. (d) 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. (Added 1999, No. 23, § 1.)