Corporations, Associations, and Partnerships
The Uniform Transfer On Death Security Registration Act
§ 7-11.1-2 Definitions.
As used in this chapter, the following words and phrases have the following
meanings unless the context otherwise requires:
(1) "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 becomes 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 the statutes of intestate succession to the
property of a descendent.
(4) "Person" means an individual, a corporation, an
organization, or other legal entity.
(5) "Personal representative" includes executor,
administrator, successor, personal representative, special administrator, and
persons who perform substantially the same function under the law governing
(6) "Property" includes both real and personal property or
any interest in them 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
uncertificated security, to initiate or transfer an account showing ownership
(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, 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.
(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 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.
History of Section.
(P.L. 1998, ch. 260, § 1.)