Oklahoma Statutes
Title 71. Securities
§71-908. Ownership on death - Rights of creditors.

A. 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.

B. 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. A beneficiary fails to survive if the beneficiary is treated as having predeceased an owner by operation of Section 178 of Title 15 of the Oklahoma Statutes.
C. 1. A registration in beneficiary form is not effective against an estate of a deceased sole owner or a deceased last to die of multiple owners to transfer to a beneficiary or beneficiaries sums needed to pay debts, taxes, and expenses of administration, including statutory allowances to the surviving spouse, minor children, and dependent children, if other assets of the estate are insufficient. A TOD beneficiary in whose name a security is registered after the death of the owner is liable to account to the deceased owner's personal representative for securities so registered or their proceeds to the extent necessary to discharge such claims and charges remaining unpaid after the application of the assets of the decedent's estate. A proceeding to assert this liability may not be commenced unless the personal representative has received a written demand by a surviving spouse, a creditor, or one acting for a minor dependent child of the decedent, and a proceeding may not be commenced later than two (2) years following the death of the decedent. A beneficiary against whom the proceeding is brought may elect to transfer to the personal representative the security registered in the name of the beneficiary after the death of the deceased owner if the beneficiary still owns the security, or the net proceeds received by the beneficiary upon disposition of the security by the beneficiary, and that transfer fully discharges the beneficiary from all liability under this subsection. Amounts or securities recovered by the personal representative must be administered as part of the deceased owner's estate.
2. This subsection does not affect the right of a registering entity to register a security in the name of the beneficiary, or make a registering entity liable to the estate of a deceased owner, except for a reregistration after a registering entity has received written notice from any claimant to an interest in the security objecting to implementation of a registration in beneficiary form.
Added by Laws 1994, c. 208, § 8, eff. Sept. 1, 1994.

Structure Oklahoma Statutes

Oklahoma Statutes

Title 71. Securities

§71-1-101. Short title.

§71-1-102. Definitions.

§71-1-103. References to federal statutes.

§71-1-104. References to federal agencies.

§71-1-105. Electronic records and signatures.

§71-1-201. Exempt securities.

§71-1-202. Exempt transactions.

§71-1-203. Additional exemptions and waivers.

§71-1-204. Denial, suspension of application, revocation, condition, or limitation of exemptions.

§71-1-301. Securities registration requirement.

§71-1-302. Federal covered security – Notice filing.

§71-1-303. Securities registration by coordination.

§71-1-304. Securities registration by qualification.

§71-1-305. Registration filings.

§71-1-306. Denial, suspension, or revocation of effectiveness of registration statement.

§71-1-307. Waiver or modification.

§71-1-308. Investment certificate issuers - Registration requirements.

§71-1-401. Broker-dealer registration requirement and exemptions.

§71-1-402. Agent registration requirement and exemptions.

§71-1-403. Investment adviser registration requirement and exemptions.

§71-1-404. Investment adviser representative registration requirement and exemptions.

§71-1-405. Federal covered investment adviser registration requirement and exemptions.

§71-1-406. Registration application - Time of becoming effective.

§71-1-407. Succession and change in registration of broker-dealer or investment adviser.

§71-1-408. Termination of employment or association of agent and investment adviser representative - Transfer of employment or association.

§71-1-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.

§71-1-410. Postregistration requirements.

§71-1-411. Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration.

§71-1-501. General fraud.

§71-1-502. Prohibited conduct in providing investment advice.

§71-1-503. Evidentiary burden.

§71-1-504. Filing of sales and advertising literature.

§71-1-505. Misleading filings.

§71-1-506. Misrepresentations concerning registration or exemption.

§71-1-507. Qualified immunity.

§71-1-508. Violations - Criminal penalties - Administrative fines.

§71-1-509. Civil liability.

§71-1-510. Rescission offers.

§71-1-601. Administration.

§71-1-602. Investigations and subpoenas.

§71-1-603. Civil enforcement.

§71-1-604. Administrative enforcement.

§71-1-605. Rules, forms, orders, interpretative opinions, and hearings.

§71-1-606. Administrative files and opinions.

§71-1-607. Public records - Confidentiality.

§71-1-608. Uniformity and cooperation with other agencies.

§71-1-609. Commission review of order - Judicial review.

§71-1-610. Jurisdiction.

§71-1-611. Service of process.

§71-1-612. Fees.

§71-1-613. Availability of data for supervision of personnel - Sharing of data - Confidentiality.

§71-1-701. Application of act to existing proceedings and rights.

§71-414. Definitions.

§71-415. Public announcement of take-over bid - Filing of required information - Hearings - Information to be filed - Costs.

§71-416. Statutory procedure must be followed.

§71-417. Discrimination prohibited.

§71-418. Copies of information to be filed with certain regulatory bodies.

§71-419. Liabilities, remedies and penalties.

§71-420. Rules and regulations.

§71-421. Exemptions.

§71-451. Short title.

§71-452. Definitions.

§71-453. Effective take-over offer required - Registration statement - Suspension of take-over offer and hearing.

§71-454. Solicitation materials - Filing - Prohibited use.

§71-455. Fraudulent, deceptive and manipulative acts prohibited.

§71-456. Actions of offeror - Limitations.

§71-457. Powers of Administrator - Rules and forms - Exemptions from act.

§71-458. Registration fee.

§71-459. Violations - Cease and desist orders - Injunctions.

§71-460. Violations - Penalty - Evidence.

§71-461. Liability of offeror - Rights and remedies of seller.

§71-462. Application of provisions of Oklahoma Securities Act.

§71-601. Citation.

§71-602. Definitions.

§71-621. Registration - Violations.

§71-622. Exemptions.

§71-623. Additional exemptions.

§71-624. Burden of proof.

§71-625. Application for registration.

§71-626. Public offering statements - Contents - Violations - Uses.

§71-627. Orders - Application for registration - Filing of documents and information.

§71-628. Denial of effectiveness to, suspension or revocation of effectiveness of registration.

§71-631. License required - Exemption.

§71-633. Records - Copies - Inspection - Rules.

§71-641. Fraud - Penalty.

§71-642. Liens and encumbrances.

§71-643. Contracts - Voiding - Rescinding - Revoking.

§71-644. Notice to purchaser - Signatures - Rescission of contract.

§71-651. Administration of Code - Personal use of information - Privileges and immunities.

§71-652. Fees - Disposition.

§71-653. Advertising.

§71-654. Fraud - Filing of documents and information.

§71-655. Presumptions - Fraud - Violations.

§71-656. Power and duties of Administrator.

§71-657. Injunctions - Intervention in suits involving subdivided land.

§71-658. Violation of Code - Fine.

§71-659. Liability to purchaser - Persons liable - Limitation of actions.

§71-660. Summary prohibition of offers or dispositions.

§71-661. Review of orders.

§71-662. Rules, forms and orders - Making, amending or rescinding - Exemption from liability.

§71-663. Filing of documents - Register - Inspection - Copies - Interpretative opinions.

§71-664. Consent to service of process - Service.

§71-665. Dispositions and offers - Application of law - Acceptance.

§71-666. Liens and encumbrances.

§71-667. Construction of act.

§71-801. Short title.

§71-802. Definitions.

§71-803. Exemptions.

§71-804. Denial or revocation of exemption - Orders and violation thereof.

§71-805. Burden of proving exemption.

§71-806. Certain sales unlawful.

§71-807. Registration procedure.

§71-808. Disclosure document.

§71-809. Contracts or agreements required - Contents.

§71-810. Suspension or revocation of registration - Grounds - Procedure.

§71-811. Minimum net worth requirement.

§71-812. Administration of act - Use of disclosure of information.

§71-813. Investigations and proceedings - Powers and duties of Administrator.

§71-814. Violation of act - Orders - Penalties.

§71-815. Review of orders.

§71-816. Rules, forms and orders - Making, amending and rescinding.

§71-817. Document filed when received by Administrator - Register of applications and orders - Disclosure - Interpretive opinions.

§71-818. Application of act - Offer to sell, communication thereof and acceptance - Service of process and agent therefor.

§71-819. Fraud or deceit unlawful.

§71-820. False or misleading statements unlawful.

§71-821. Conclusiveness of filed document.

§71-822. Misleading advertising unlawful.

§71-823. Violations - Penalty - Criminal prosecutions.

§71-824. Violations - Civil actions.

§71-825. Aiding and abetting violation.

§71-826. Limitation of actions - Remedies not exclusive - Waiver of compliance, duty or liability void.

§71-827. Construction of act.

§71-828. Oklahoma Securities Act - Application.

§71-829. Fees and charges - Deposits.

§71-901. Short title.

§71-902. Definitions.

§71-903. Rules governing registration in beneficiary form.

§71-904. Applicable law.

§71-905. Origination of registration in beneficiary form.

§71-906. Form of registration.

§71-907. Effect of registration.

§71-908. Ownership on death - Rights of creditors.

§71-909. Protections for registering entity.

§71-910. Nonprobate transfer - Liability of transferees.

§71-911. Terms, conditions and form for registration.

§71-912. Construction.

§71-913. Application.