On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners, compliance with any applicable requirements of the registering entity, and procurement of any inheritance tax waiver as required by § 67-8-417, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
Structure 2021 Tennessee Code
Title 35 - Fiduciaries and Trust Estates
Chapter 12 - Uniform Transfer on Death Security Registration
§ 35-12-102. Chapter Definitions
§ 35-12-103. Who May Obtain Beneficiary Form — Owners Hold as Joint Tenants
§ 35-12-106. Evidence of Beneficiary Form
§ 35-12-107. No Effect Until Death