Michigan Laws 700.6302 – Registration in beneficiary form; sole or joint tenancy ownership
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 700.6302
- Beneficiary form: means a registration of a security that indicates the present owner of the security and the owner's intention regarding the person who will become the security's owner upon the owner's death. See Michigan Laws 700.6301
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, uncertificated security, and security account. See Michigan Laws 700.6301
- 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 1 individual or multiple ownership by 2 or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship or as tenants by the entireties, and not as tenants in common.