Ohio Code 1709.02 – Obtaining registration in beneficiary form
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Only individuals 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 ownership as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with a right of survivorship and not as tenants in common.
Terms Used In Ohio Code 1709.02
- 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
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.