Georgia House of Representatives - 1995/1996 Sessions

HB 117 - Certain instruments; nonprobate transfer; nontestamentary

Page Numbers - 1/ 2

Code Sections - 53-3-100

1. Twiggs  8th


House Comm: Judy       /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              1/9/95   Read 1st Time                                                                
              1/10/95  Read 2nd Time                                                                
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Rules Suspended to Introduce                                                                        
                                                                                                    
Code Sections amended: 53-3-100                                                                     


HB 117                                            LC 21 2951






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Chapter 3 of Title 53 of the Official Code of
  1- 2  Georgia Annotated, relating to probate, so as to provide
  1- 3  that provisions in certain instruments providing for
  1- 4  nonprobate transfer on death shall be nontestamentary; to
  1- 5  provide that this Act shall not limit certain rights; to
  1- 6  repeal conflicting laws; and for other purposes.

  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 8  Chapter 3 of Title 53 of the Official Code of Georgia
  1- 9  Annotated, relating to probate, is amended by inserting at
  1-10  the end thereof a new article to read as follows:

                         "ARTICLE 5

  1-11    53-3-100. (Index)

  1-12    (a) A provision for the nonprobate transfer on death in an
  1-13    insurance policy, contract of employment, bond, mortgage,
  1-14    promissory note, certified or uncertified security,
  1-15    account agreement, custodial agreement, deposit agreement,
  1-16    compensation plan, trust, pension plan, individual
  1-17    retirement plan, employee benefit plan, trust, conveyance,
  1-18    deed of gift, marital property agreement, or other written
  1-19    instrument of a similar nature is nontestamentary.  This
  1-20    subsection applies, without limitation, to a written
  1-21    provision that:

  1-22      (1) Money or other benefits due to, controlled by, or
  1-23      owned by a decedent before death must be paid after the
  1-24      decedent's death to a person whom the decedent
  1-25      designates either in the instrument or in a separate
  1-26      writing, including a will, executed before, at the same
  1-27      time, or after the execution of the instrument;

  1-28      (2) Money due or to become due under the instrument
  1-29      ceases to be payable in the event of the death of the
  1-30      promisee or the promisor before payment or demand; or



                                 -1- (Index)

                                                  LC 21 2951

  2- 1      (3) Any property controlled by or owned by the decedent
  2- 2      before death which is the subject of the instrument
  2- 3      passes to a person the decedent designates either in the
  2- 4      instrument or in a separate writing, including a will,
  2- 5      executed either before, at the same time, or after the
  2- 6      execution of the instrument.

  2- 7    (b) This Code section shall not be construed to limit the
  2- 8    rights of creditors under other laws of this state."

                         SECTION 2.

  2- 9  All laws and parts of laws in conflict with this Act are
  2-10  repealed.




































                                 -2- (Index)