§ 7-11.1-8. 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 owner or the estate of the last to die of all multiple owners.
History of Section.P.L. 1998, ch. 260, § 1.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act
Section 7-11.1-1. - Short title — Rules of construction.
Section 7-11.1-2. - Definitions.
Section 7-11.1-3. - Registration in beneficiary form — Sole or joint tenancy ownership.
Section 7-11.1-4. - Registration in beneficiary form — Applicable law.
Section 7-11.1-5. - Origination of registration in beneficiary form.
Section 7-11.1-6. - Form of registration in beneficiary form.
Section 7-11.1-7. - Effect of registration in beneficiary form.
Section 7-11.1-8. - Ownership on death of owner.
Section 7-11.1-9. - Protection of registering entity.
Section 7-11.1-10. - Nontestamentary transfer on death.
Section 7-11.1-11. - Terms — Conditions — Forms for registration.