§ 13-4.8 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 part.

(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
part.

(c) A registering entity is discharged from all claims to a security
by the estate, creditors, distributees, legatees or devisees of a
deceased owner if it registers a transfer of the security in accordance
with section 13-4.7 and does so in good faith reliance (i) on the
registration, (ii) on this part, 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 part 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 part.

(d) The protection provided by this part 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.