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 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: 1978 Comp., § 45-6-307, enacted by Laws 1992, ch. 66, § 43.
Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 6 - Nonprobate Transfers
Part 3 - TOD SECURITY REGISTRATION
Section 45-6-301 - Definitions.
Section 45-6-302 - Registration in beneficiary form; sole or joint tenancy ownership.
Section 45-6-303 - Registration in beneficiary form; applicable law.
Section 45-6-304 - Origination of registration in beneficiary form.
Section 45-6-305 - Form of registration in beneficiary form.
Section 45-6-306 - Effect of registration in beneficiary form.
Section 45-6-307 - Ownership of [on] death of owner.
Section 45-6-308 - Protection of registering entity.
Section 45-6-309 - Nontestamentary transfer on death.
Section 45-6-310 - Terms, conditions and forms for registration.