New York Laws
Part 4 - Transfer-on-Death Security Registration
13-4.7 - Ownership on Death of Owner

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.

Structure New York Laws