In this Article, unless the context otherwise requires:

(1)        “Beneficiary form” means a registration of a security that 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.

(2)        “Devisee” means any person designated in a will to receive a disposition of real or personal property.

(3)        “Heirs” means those persons, including the surviving spouse, who are entitled under Chapter 29 of the N.C. Gen. Stat. or the statutes of intestate succession of other states to take the property of a decedent by intestate succession.

(4)        “Person” means an individual, a corporation, an organization, or other legal entity.

(5)        “Personal representative” includes executor, administrator, collector, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.

(6)        “Property” includes both real and personal property or any interest in real or personal property and means anything that may be the subject of ownership.

(7)        “Register”, including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.

(8)        “Registering entity” means a person who originates or transfers a security title by registration and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

(9)        “Security” means a share, participation, or other interest in property, a business, or an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, a security account, and a security entitlement as defined in N.C. Gen. Stat. § 25-8-102.

(10)      “Security account” means (i) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner’s death, or (ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner’s death.

(11)      “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. (2005-411, s. 1.)

Terms Used In North Carolina General Statutes 41-40

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
  • Executor: A male person named in a will to carry out the decedent
  • Intestate: Dying without leaving a will.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means an individual, a corporation, an organization, or other legal entity. See North Carolina General Statutes 41-40
  • Personal property: All property that is not real property.
  • personal property: shall include moneys, goods, chattels, choses in action and evidences of debt, including all things capable of ownership, not descendable to heirs at law. See North Carolina General Statutes 12-3
  • Personal representative: includes executor, administrator, collector, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See North Carolina General Statutes 41-40
  • Property: includes both real and personal property or any interest in real or personal property and means anything that may be the subject of ownership. See North Carolina General Statutes 41-40
  • Security: means a share, participation, or other interest in property, a business, or an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, a security account, and a security entitlement as defined in N. See North Carolina General Statutes 41-40
  • Security account: means (i) a reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death, or (ii) a cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death. See North Carolina General Statutes 41-40
  • State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See North Carolina General Statutes 41-40
  • United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
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