Rhode Island General Laws 7-11.1-5. Origination of registration in beneficiary form
Current as of: 2023 | Check for updates
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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.
History of Section.
P.L. 1998, ch. 260, § 1.
Terms Used In Rhode Island General Laws 7-11.1-5
- 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
- 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 Rhode Island General Laws 7-11.1-2