N.Y. Estates, Powers and Trusts Law 13-4.7 – Ownership on death of owner
§ 13-4.7 Ownership on death of owner
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.7
- 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
- Registering entity: means a person who originates or transfers a security title by registration, and includes a broker or banking institution, as defined in paragraph (b) of subdivision three of § 9-f of the banking law maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. 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
On 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. On proof of death of all owners and compliance with any 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. 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. If no beneficiary survives 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.