Amend SB 504, in SECTION 1 of the bill, by striking added
Section 477, Texas Probate Code (introduced version, page 8, lines
15-27, and page 9, lines 1-6), and substituting the following:
      Sec. 477.  NOTICE OF EFFECT OF REGISTRATION.  A registering
entity shall provide to an owner requesting registration of a
security in beneficiary form a written statement describing the
legal effects of the registration not later than the date on which
the owner registers the security.  The statement shall be printed
in all capital 12-point boldfaced type and shall be signed by the
registering owner at the time of registration.  The following
statement is sufficient if signed by the registering owner:
      "IMPORTANT NOTICE REGARDING YOUR RIGHTS
      ]V"On proof of death, your security in beneficiary form will be
transferred to your named beneficiary or beneficiaries without
being part of your estate under your will or by intestacy.  You
should make sure before you register your security in beneficiary
form that the registration does not conflict with any other
provision in a  document that you have authorized and signed,
including a will or trust agreement.  If you have any doubt about
whether a conflict exists, you should seek the advice of a
professional in the field of estate planning.  You should also note
that registering your security in beneficiary form may not affect a
creditor's claim against your estate or affect the estate or
inheritance tax liability of your estate or of your beneficiary or
beneficiaries.  
      "I HAVE READ THE ABOVE NOTICE AND UNDERSTAND ITS CONTENTS.
_________________________________(signature of registering owner)"