705.27 Ownership on death of owner. Subject to the rights of the registering entity under s. 705.28 (2m), on the death of a sole owner or the last to die of multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners and to any predeceased beneficiary's issue who would take under s. 854.06 (3). 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 successors to the ownership interest. Until division of the security after the death of all owners, multiple successors to the ownership interest hold their interests as tenants in common. If no beneficiary or predeceased beneficiary's issue who would take under s. 854.06 (3) 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 multiple owners.
History: 1989 a. 331; 2005 a. 216.
Structure Wisconsin Statutes & Annotations
Wisconsin Statutes & Annotations
705.02 - Creation of multiple-party or agency relationship.
705.03 - Ownership during lifetime.
705.04 - Right of survivorship.
705.05 - Designation and powers of agent.
705.06 - Protection of financial institutions.
705.09 - Applicability of general transfers at death provisions.
705.10 - Nonprobate transfers on death.
705.15 - Nonprobate transfer of real property on death.
705.18 - Nonprobate transfer of farming implements at death.
705.21 - Definitions; transfer on death security registration.
705.22 - Registration in beneficiary form; sole or joint tenancy ownership.
705.23 - Registration in beneficiary form; applicable law.
705.24 - Origination of registration in beneficiary form.
705.25 - Form of registration in beneficiary form.
705.26 - Effect of registration in beneficiary form.
705.27 - Ownership on death of owner.
705.28 - Protection of registering entity.
705.29 - Nontestamentary transfer on death.
705.30 - Terms, conditions and forms for registration.
705.31 - Applicability of general transfers at death provisions.