N.Y. Estates, Powers and Trusts Law 13-4.4 – Origination of registration in beneficiary form
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§ 13-4.4 Origination of registration in beneficiary form
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.4
- 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 N.Y. Estates, Powers and Trusts Law 13-4.1
- 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, an uncertificated security and a security account. See N.Y. Estates, Powers and Trusts Law 13-4.1
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.