NAC353B.605. Designation of successor account owner; change of ownership of account.

     1. An account owner may designate a successor account owner who becomes the new account owner automatically upon the death of the designating account owner. An account owner, in the account application or at any other time, may make such a designation by submitting to the Plan Investment Manager a written designation of a successor account owner containing the information required by the Plan Investment Manager. A designation of a successor account owner is not effective until received by the Plan Investment Manager and recorded in the records of the Plan Investment Manager.

     2. If a change in the ownership of an account is required by a court order directing the change of ownership, or by an affidavit or declaration that is recognized under applicable law as requiring the transfer of ownership upon death without a court order, the change of ownership of the account, except as otherwise required by law, is not effective until the Plan Investment Manager receives the court order, affidavit or declaration requiring the change and the change of ownership is recorded in the records of the Plan Investment Manager.

     (Added to NAC by St. Treasurer by R185-01, eff. 4-5-2002; A by R041-03, 10-29-2003; R054-09, 10-27-2009)