Sec. 6307.
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 survived all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, 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.
History: 1998, Act 386, Eff. Apr. 1, 2000 Popular Name: EPIC
Structure Michigan Compiled Laws
Chapter 700 - Estates and Protected Individuals Code
Act 386 of 1998 - Estates and Protected Individuals Code (700.1101 - 700.8206)
Article VI - Nonprobate Transfers on Death (700.6101...700.6310)
386-1998-VI-3 - Part 3 Uniform TOD Security Registration (700.6301...700.6310)
Section 700.6301 - Definitions.
Section 700.6302 - Registration in Beneficiary Form; Sole or Joint Tenancy Ownership.
Section 700.6303 - Registration in Beneficiary Form; Applicable Law.
Section 700.6304 - Origination of Registration in Beneficiary Form.
Section 700.6305 - Form of Registration in Beneficiary Form.
Section 700.6306 - Effect of Registration in Beneficiary Form.
Section 700.6307 - Ownership on Death of Owner.
Section 700.6308 - Protection of Registering Entity.
Section 700.6309 - Nontestamentary Transfer on Death.
Section 700.6310 - Terms, Conditions, and Forms for Registration.