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.
Cross References. Section 6407 is referred to in section 6408 of this title.
Structure Pennsylvania Consolidated & Unconsolidated Statutes
Pennsylvania Consolidated & Unconsolidated Statutes
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 64 - Transfer on Death Security Registration
Section 6402 - Registration in beneficiary form
Section 6403 - Law applicable to registration
Section 6404 - Origination of registration in beneficiary form
Section 6405 - Form of registration in beneficiary form
Section 6406 - Effect of registration in beneficiary form
Section 6407 - Ownership on death of owner
Section 6408 - Protection of registering entity
Section 6409 - Nontestamentary transfer on death
Section 6410 - Terms, conditions and forms for registration
Section 6411 - Transfers of securities and security accounts