(815 ILCS 10/8)
Sec. 8.
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 Act.
(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 Act.
(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 7 and does so in good faith
reliance (i) on the registration, (ii) on this Act, 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 Act 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 Act.
(d) The protection provided by this Act 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.
(Source: P.A. 88-577, eff. 1-1-95.)
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