Iowa Code 633D.3 – Registration in beneficiary form — sole or joint tenancy ownership
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 633D.3
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary form: means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See Iowa Code 633D.2
- property: includes personal and real property. See Iowa Code 4.1
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- security: includes , but is not limited to, a certificated security, an uncertificated security, and a security account. See Iowa Code 633D.2
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
Only an individual whose registration of a security shows sole ownership by one individual or multiple ownership by two or more individuals with a right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form shall hold as joint tenants with rights of survivorship, tenants by the entireties, or owners of community property held in survivorship form and not as tenants in common.