Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
524.6-310 TERMS, CONDITIONS, AND FORMS FOR REGISTRATION.
(a) A registering entity offering to accept registrations in beneficiary form may establish
the terms and conditions under which it will receive requests (i) for registrations in beneficiary
form, and (ii) for implementation of registrations in beneficiary form, including requests for
cancellation of previously registered TOD beneficiary designations and requests for reregistration
to effect a change of beneficiary. The terms and conditions so established may provide for proving
death, avoiding or resolving any problems concerning fractional shares, designating primary and
contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place
of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated
by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal
descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who
survive the owner for a beneficiary who fails to so survive, the descendants to be identified and
to share in accordance with the law of the beneficiary's domicile at the owner's death governing
inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to
take on one or more contingencies, and rules for providing proofs and assurances needed to
satisfy reasonable concerns by registering entities regarding conditions and identities relevant to
accurate implementation of registrations in beneficiary form, may be contained in a registering
entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering
entity may authorize:
(1) Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown Jr.
(2) Multiple owners-sole beneficiary: John S. Brown Mary B. Brown JT TEN TOD John S.
Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown Mary
B. Brown JT TEN TOD John S. Brown Jr. SUB BENE Peter Q. Brown or John S. Brown Mary B.
Brown JT TEN TOD John S. Brown Jr. LDPS.
History: 1992 c 461 art 2 s 12
(a) A registering entity offering to accept registrations in beneficiary form may establish
the terms and conditions under which it will receive requests (i) for registrations in beneficiary
form, and (ii) for implementation of registrations in beneficiary form, including requests for
cancellation of previously registered TOD beneficiary designations and requests for reregistration
to effect a change of beneficiary. The terms and conditions so established may provide for proving
death, avoiding or resolving any problems concerning fractional shares, designating primary and
contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place
of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated
by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal
descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who
survive the owner for a beneficiary who fails to so survive, the descendants to be identified and
to share in accordance with the law of the beneficiary's domicile at the owner's death governing
inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to
take on one or more contingencies, and rules for providing proofs and assurances needed to
satisfy reasonable concerns by registering entities regarding conditions and identities relevant to
accurate implementation of registrations in beneficiary form, may be contained in a registering
entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering
entity may authorize:
(1) Sole owner-sole beneficiary: John S. Brown TOD (or POD) John S. Brown Jr.
(2) Multiple owners-sole beneficiary: John S. Brown Mary B. Brown JT TEN TOD John S.
Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S. Brown Mary
B. Brown JT TEN TOD John S. Brown Jr. SUB BENE Peter Q. Brown or John S. Brown Mary B.
Brown JT TEN TOD John S. Brown Jr. LDPS.
History: 1992 c 461 art 2 s 12
Official Publication of the State of Minnesota
Revisor of Statutes