§7-11.1-2  Definitions. –

Published: 2015

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Corporations, Associations, and Partnerships

CHAPTER 7-11.1

The Uniform Transfer On Death Security Registration Act

SECTION 7-11.1-2

   § 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

their status.

   (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

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, 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.)