633.801  Definitions.

As used in this division, unless the context otherwise requires:

1.  "Beneficiary form" means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner.

2.  "Devisee" means any person designated in a will to receive a disposition of real or personal property.

3.  "Heir" means a person, including the surviving spouse, who is entitled under the statutes of intestate succession to the property of a decedent.

4.  "Register" means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of the security.

5.  "Registering entity" means a person who originates or transfers a security title by registration, including a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

6.  "Security" means a security as defined in section 502.102.

7.  "Security account" means either of the following:

a.  Any of the following:

(1)  A reinvestment account associated with a security.

(2)  A securities account with a broker.

(3)  A cash balance in a brokerage account.

(4)  Cash, interest, earnings, or dividends earned or declared on a security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death.

b.  A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.

8.  "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

Section History: Recent form

  97 Acts, ch 178, §18

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