California Probate Code 21132 – (a) If a transferor executes an instrument that makes an …
(a) If a transferor executes an instrument that makes an at-death transfer of securities and the transferor then owned securities that meet the description in the instrument, the transfer includes additional securities owned by the transferor at death to the extent the additional securities were acquired by the transferor after the instrument was executed as a result of the transferor’s ownership of the described securities and are securities of any of the following types:
(1) Securities of the same organization acquired by reason of action initiated by the organization or any successor, related, or acquiring organization, excluding any acquired by exercise of purchase options.
Terms Used In California Probate Code 21132
- at-death transfer: means a transfer that is revocable during the lifetime of the transferor, but does not include a joint tenancy or joint account with right of survivorship. See California Probate Code 21104
- Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferable share, voting trust certificate or, in general, any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt, or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. See California Probate Code 70
- Transferor: means the testator, settlor, grantor, owner, or other person who executes an instrument. See California Probate Code 81
(2) Securities of another organization acquired as a result of a merger, consolidation, reorganization, or other distribution by the organization or any successor, related, or acquiring organization.
(3) Securities of the same organization acquired as a result of a plan of reinvestment.
(b) Distributions in cash before death with respect to a described security are not part of the transfer.
(Repealed and added by Stats. 2002, Ch. 138, Sec. 33. Effective January 1, 2003.)