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HF 1302

as introduced - 88th Legislature (2013 - 2014) Posted on 03/06/2013 03:06pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to motor vehicles; providing for transfer-on-death of title to motor
vehicle; proposing coding for new law in Minnesota Statutes, chapter 168A.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [168A.125] TRANSFER-ON-DEATH OF TITLE TO MOTOR
VEHICLE.
new text end

new text begin Subdivision 1. new text end

new text begin Titled as transfer-on-death. new text end

new text begin A motor vehicle may be titled in
transfer-on-death or TOD form by including in the certificate of title a designation of a
beneficiary or beneficiaries to whom the motor vehicle must be transferred on death of
the owner or the last survivor of joint owners with rights of survivorship, subject to the
rights of all secured parties.
new text end

new text begin Subd. 2. new text end

new text begin Designation of beneficiary. new text end

new text begin A motor vehicle is registered in
transfer-on-death form by designating on the certificate of title the name of the owner
and the names of joint owners with identification of rights of survivorship, followed by
the words "transfer-on-death to (name of beneficiary or beneficiaries)." The designation
"TOD" may be used instead of "transfer-on-death." A title in transfer-on-death form is
not required to be supported by consideration, and the certificate of title in which the
designation is made is not required to be delivered to the beneficiary or beneficiaries in
order for the designation to be effective.
new text end

new text begin Subd. 3. new text end

new text begin Interest of beneficiary. new text end

new text begin The transfer-on-death beneficiary or beneficiaries
shall have no interest in the motor vehicle until the death of the owner or the last survivor
of the joint owners with right of survivorship. A beneficiary designation may be changed at
any time by the owner or by all joint owners with rights of survivorship, without the consent
of the beneficiary or beneficiaries, by filing an application for a new certificate of title.
new text end

new text begin Subd. 4. new text end

new text begin Vesting of ownership in beneficiary. new text end

new text begin Ownership of a motor vehicle
titled in transfer-on-death form shall vest in the designated beneficiary or beneficiaries on
the death of the owner or the last of the joint owners with right of survivorship, subject
to the rights of all secured parties. The transfer-on-death beneficiary or beneficiaries
who survive the owner may apply for a new certificate of title to the motor vehicle upon
submitting proof of the death of the owner of the motor vehicle. If no transfer-on-death
beneficiary or beneficiaries survive the owner of a motor vehicle, the motor vehicle must
be included in the probate estate of the deceased owner. A transfer of a motor vehicle to a
transfer-on-death beneficiary or beneficiaries is not a testamentary transfer.
new text end

new text begin Subd. 5. new text end

new text begin Rights of creditors. new text end

new text begin This section does not limit the rights of any secured
party or creditor of the owner of a motor vehicle against a transfer-on-death beneficiary or
beneficiaries.
new text end