306.461. Certificate of title in beneficiary form--multiple beneficiaries allowed--procedure to issue, content, fee--consent not required for transactions, revocation--interest subject to certain clai
Certificate of title in beneficiary form--multiple beneficiariesallowed--procedure to issue, content, fee--consent not required fortransactions, revocation--interest subject to certain claims--transfernot deemed testamentary.
306.461. 1. A sole owner of an outboard motor or vessel, andmultiple owners of an outboard motor or vessel who hold their interest asjoint tenants with right of survivorship or as tenants by the entirety, onapplication and payment of the fee required for an original certificate oftitle, may request the director of revenue to issue a certificate of titlefor the outboard motor or vessel in beneficiary form which includes adirective to the director of revenue to transfer the certificate of titleon death of the sole owner or on death of all multiple owners to onebeneficiary or to two or more beneficiaries as joint tenants with right ofsurvivorship or as tenants by the entirety named on the face of thecertificate.
2. A certificate of title in beneficiary form may not be issued topersons who hold their interest in an outboard motor or vessel as tenantsin common.
3. A certificate of title issued in beneficiary form shall includeafter the name of the owner, or after the names of multiple owners, thewords "transfer on death to" or the abbreviation "TOD" followed by the nameof the beneficiary or beneficiaries.
4. (1) During the lifetime of a sole owner or prior to the death ofthe last surviving multiple owner, the signature or consent of thebeneficiary or beneficiaries shall not be required for any transactionrelating to the outboard motor or vessel for which a certificate of titlein beneficiary form has been issued.
(2) A certificate of title in beneficiary form may be revoked or thebeneficiary or beneficiaries changed at any time before the death of thesole owner or the last surviving multiple owner only by the followingmethods:
(a) By a sale of the outboard motor or vessel with proper assignmentand delivery of the certificate of title to another person; or
(b) By surrender of the outstanding certificate of title and filingan application to reissue the certificate of title with no designation of abeneficiary or with the designation of a different beneficiary orbeneficiaries with the director of revenue in proper form and accompaniedby the payment of the fee for an original certificate of title.
(3) The beneficiary's or beneficiaries' interest in the outboardmotor or vessel at death of the owner or surviving owner shall be subjectto any contract of sale, assignment of ownership or security interest towhich the owner or owners of the outboard motor or vessel were subjectduring their lifetime.
(4) The designation of a beneficiary or beneficiaries in acertificate of title issued in beneficiary form may not be changed orrevoked by a will, any other instrument, or a change in circumstances, orotherwise be changed or revoked except as provided by subdivision (2) ofthis subsection.
5. (1) On proof of death of one of the owners of two or moremultiple owners, or of a sole owner, surrender of the outstandingcertificate of title, and on application and payment of the fee for anoriginal certificate of title, the director of revenue shall issue a newcertificate of title for the outboard motor or vessel to the survivingowner or owners or, if none, to the surviving beneficiary or beneficiaries,subject to any outstanding security interest; and the current validcertificate of number shall be so transferred. If the survivingbeneficiary or beneficiaries make a request of the director of revenue, thedirector may allow the beneficiary or beneficiaries to make one assignmentof title.
(2) The director of revenue may rely on a death certificate or recordor report that constitutes prima facie proof or evidence of death undersubdivisions (1) and (2) of section 472.290, RSMo.
(3) The transfer of an outboard motor or vessel at death pursuant tothis section is effective by reason of sections 301.675 to 301.682, RSMo,and sections 306.455 to 306.465, and is not to be considered testamentary,or to be subject to the requirements of section 473.087, RSMo, or section474.320, RSMo.
(L. 1987 H.B. 605 § 9, A.L. 1993 H.B. 509, A.L. 2004 H.B. 1511 merged with S.B. 1233, et al.)