Ownership on death of owner
Sec. 12. (a) On the death of a sole owner or the last to die of all
multiple owners, ownership of securities registered in beneficiary
form passes to the beneficiary or beneficiaries who survive all
owners.
(b) On proof of death of all owners and compliance with the
applicable requirements of the registering entity, a security registered
in beneficiary form may be reregistered in the name of the
beneficiary or beneficiaries who survived the death of all owners.
(c) Until division of the security after the death of all owners,
multiple beneficiaries surviving the death of all owners hold their
interests as tenants in common.
(d) If a beneficiary does not survive the death of all owners, the
security belongs to the estate of the deceased sole owner or the estate
of the last to die of all multiple owners.
As added by P.L.2-2002, SEC.2.
Last modified: May 24, 2006