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MN HF2975
Bill
Status
Introduced
3/28/2012
Primary Sponsor
Lyndon Carlson
Click for details
AI Summary
- Creates transfer-on-death (TOD) designation option for motor vehicle titles in Minnesota, allowing owners to name beneficiaries to receive the vehicle upon death
- TOD designation is made on the certificate of title using the format "transfer-on-death to [beneficiary name]" or "TOD [beneficiary name]," and requires no consideration or delivery to beneficiary
- Beneficiaries have no interest in the vehicle until the owner's death; owners can change beneficiary designations at any time without beneficiary consent by filing a new certificate of title
- Upon owner's death, surviving beneficiaries vest ownership automatically and may apply for a new certificate of title by submitting proof of death; if no beneficiaries survive, the vehicle passes through probate
- Transfer to beneficiaries is not subject to testamentary requirements and remains subject to rights of all secured parties and creditors
Legislative Description
Motor vehicle title transfer-on-death provided.
Last Action
Introduction and first reading, referred to Transportation Policy and Finance
3/28/2012
Committee Referrals
Transportation Finance and Policy3/28/2012
Full Bill Text
No bill text available