House Bill 806

AN ACT TO PROVIDE THAT CERTAIN PROVISIONS IN CERTAIN WRITTEN INSTRUMENTS ARE DEEMED TO BE NONTESTAMENTARY; TO CREATE THE NONPROBATE TRANSFERS LAW OF MISSISSIPPI; TO PROVIDE DEFINITIONS FOR SUCH LAW; TO PROVIDE THAT NONPROBATE TRANSFERS ARE NOT SUBJECT TO THE REQUIREMENTS OF A WILL; TO PROVIDE THAT A TRANSFERRING ENTITY ACTING AS AN AGENT FOR OWNER IS SUBJECT TO NONTRANSFER LAW; TO PROVIDE CERTAIN CIRCUMSTANCES WHEN PROVISION FOR A NONPROBATE TRANSFER IS A MATTER OF AGREEMENT BETWEEN THE OWNER AND THE TRANSFERRING ENTITY; TO PROVIDE THE OBLIGATION OF THE TRANSFERRING ENTITY RESULTING FROM ACCEPTANCE AND REGISTRATION; TO PROVIDE THE EFFECT OF A BENEFICIARY DESIGNATION UNDER WRITTEN INSTRUMENT OR LAW; TO PROVIDE FOR THE DELIVERY AND EFFECT OF ASSIGNMENTS EFFECTIVE ON DEATH OF THE OWNER; TO PROVIDE FOR THE RECORDING AND EFFECT OF DEEDS EFFECTIVE ON DEATH OF THE OWNER; TO PROVIDE THE PROCEDURE TO TRANSFER TANGIBLE PERSONAL PROPERTY TO TAKE EFFECT ON DEATH OF THE OWNER; TO PROVIDE THAT THE TRANSFEROR MAY DIRECTLY TRANSFER PROPERTY TO A TRANSFEREE TO HOLD AS OWNER IN BENEFICIARY FORM; TO PROVIDE THE EFFECT OF REGISTRATION OF PROPERTY, INCLUDING ACCOUNTS AND SECURITIES IN BENEFICIARY FORM; TO PROVIDE THE EFFECT OF BENEFICIARY DESIGNATION ON OWNERSHIP OF PROPERTY DURING LIFETIME AND AT DEATH; TO PROVIDE FOR REVOCATION OR CHANGE OF BENEFICIARIES DESIGNATION; TO PROVIDE THAT AGENTS MAY NOT MAKE, REVOKE OR CHANGE BENEFICIARY UNLESS DOCUMENT ESTABLISHES AGENT'S RIGHT OR COURT ORDER AUTHORIZES; TO PROVIDE THE EFFECT OF PROPERTY DESIGNATED FOR A BENEFICIARY IF LOST, DESTROYED, DAMAGED OR INVOLUNTARILY CONVERTED DURING OWNER'S LIFETIME; TO PROVIDE THE EFFECT OF COLLATERAL CONVEYANCES OR LIENS ON PROPERTY SUBJECT TO NONPROBATE TRANSFER; TO PROVIDE THE SURVIVAL REQUIREMENTS; TO PROVIDE THAT BENEFICIARY DESIGNATION DESIGNATING A TRUSTEE UNDER TRUST IS NOT INVALID BECAUSE TRUST IS AMENDABLE OR REVOCABLE; TO PROVIDE THE EFFECT IF TRUST IS REVOKED, TERMINATED OR DOES NOT EXIST AT DEATH OF OWNER; TO PROVIDE FOR LINEAL DESCENDANT SUBSTITUTES; TO PROVIDE THE EFFECT OF A DISCLAIMER; TO PROVIDE THE EFFECT OF MARRIAGE DISSOLUTION OR ANNULMENT; TO PROVIDE FOR DISQUALIFICATION FOR FRAUD, DURESS AND UNDUE INFLUENCE AND CAUSING OWNER'S DEATH; TO PROVIDE THE EFFECT OF NONPROBATE TRANSFERS ON OMITTED SPOUSE OR CHILD, AFTER-BORN CHILD OR AFTER-ADOPTED CHILD; TO PROVIDE NONPROBATE TRANSFER RULES; TO PROVIDE PROTECTIONS TO THE TRANSFERRING ENTITY; TO PROVIDE THE RIGHTS OF OWNERS AND BENEFICIARIES; TO PROVIDE THE RIGHTS OF CREDITORS; TO PROVIDE THE SCOPE AND APPLICATION OF THE LAW; TO PROVIDE THE JURISDICTION OF THE CHANCERY COURT; TO PROVIDE THE BENEFICIARY DESIGNATION VALID UNDER LAW OF ANOTHER STATE ENFORCEABLE IN MISSISSIPPI; TO PROVIDE THE EFFECT OF TRANSFER DETERMINED BY LOCAL LAW SELECTED IN DOCUMENT OR DESIGNATION; TO PROVIDE WHEN THE NONPROBATE TRANSFERS LAWS WILL BE EFFECTIVE; TO PROVIDE RECIPIENTS OF RECOVERABLE TRANSFER TO PAY PRO RATA SHARE OF ALL PROPERTY RECEIVED TO COVER STATUTORY ALLOWANCES AND CLAIMS DUE ESTATE, ENFORCED BY ACTION FOR ACCOUNTING, TIME LIMITATION; TO REPEAL SECTIONS 91-21-1 THROUGH 91-21-25, MISSISSIPPI CODE OF 1972, WHICH COMPRISE THE MISSISSIPPI UNIFORM TRANSFER-ON-DEATH SECURITY REGISTRATION ACT; AND FOR RELATED PURPOSES.

In the House of Representatives

• Mark Baker

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 13 – Feb 9

1. Jan 13Referred to the House committee on Judiciary A
2. Jan 31Reported from committee in the House: title sufficient, do pass
3. Feb 9Died on the calendar in the House