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Developed and maintained by the Division of Legislative Automated Systems.
2020 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 46.2-633.2 of the Code of Virginia is amended and reenacted as follows:
§ 46.2-633.2. Transfer of title on death.
A. A motor vehicle, trailer, or semitrailer may include in the certificate of title a designation of a beneficiary to whom the motor vehicle, trailer, or semitrailer shall be transferred after the death of the owner.
B. A motor vehicle, trailer, or semitrailer owned by one person may be titled with a designated beneficiary by applying to the Department for a certificate of title on which is stated the name of the sole owner followed by "transfer on death" or "TOD" and the name of the beneficiary.
C. A motor vehicle, trailer, or semitrailer owned by more than one person may be titled with a designated beneficiary by applying to the Department for a certificate of title on which is stated the names of the owners followed by "transfer on death" or "TOD" and the name of the beneficiary. Such application shall be signed by all owners of the motor vehicle, trailer, or semitrailer. Such transfer to the designated beneficiary shall occur upon the death of the last surviving owner. Nothing herein shall limit the rights of any surviving owner as provided in this section.
D. A certificate of title with a designated beneficiary
shall not be issued if (i) the any owner is not a natural person;
or (ii) the motor vehicle, trailer, or semitrailer is encumbered by a lien
or security interest; or (iii) the owner holds an interest in the motor
vehicle, trailer, or semitrailer with another person.
D. E. During the lifetime of the owner:
1. The beneficiary shall have no interest in the motor vehicle, trailer, or semitrailer and the signature or consent of the beneficiary shall not be required for any transaction; and
2. The certificate of title with the designated beneficiary shall not be issued by the Department or shall be canceled if:
a. The owner files an application for a certificate of title under subsection B or C to remove or change the beneficiary;
b. The owner sells the motor vehicle, trailer, or semitrailer and delivers the certificate of title to another person; or
c. An application for the recording of a lien or security interest has been filed with the Department for the motor vehicle, trailer, or semitrailer prior to the death of the owner or filed within the time limits in § 46.2-639.
E. F. Except as provided in this section, the
designated beneficiary shall not be changed or revoked by will or any other
instrument, by a change in circumstances, or in any other manner.
F. G. A certificate of title with a designated
beneficiary shall not be required to be supported by consideration and need not
be delivered to the beneficiary to be effective.
G. H. Upon the death of the owner and
application by the beneficiary, the Department shall issue a new certificate of
title in accordance with § 46.2-600 for the motor vehicle, trailer, or
semitrailer to the beneficiary. The beneficiary must apply for a certificate of
title upon submitting proof of the death of the owner and such other documents
and information as the Department may reasonably require. If the beneficiary
does not survive the owner or does not apply for a certificate of title within
120 days of the death of the owner, the beneficiary or his estate shall have no
right to obtain title to the motor vehicle, trailer, or semitrailer under this
section. Upon transfer of title to the beneficiary, the Department shall cancel
the registration of the deceased owner.
H. I. Any transfer pursuant to this section
shall be subject to any lien or security interest authorized under § 46.2-644,
46.2-644.01, or 46.2-644.02.
I. J. Any transfer pursuant to this section is
not testamentary and shall not be subject to the provisions of Title 64.2.