South Carolina Code 35-6-20. Individuals eligible to obtain registration in beneficiary form; multiple owners of security
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 35-6-20
- 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 South Carolina Code 35-6-10
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, and not as tenants in common.