Ownership on death of owner · as in force on May 31, 2026
§ 13-4.7 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 sole owner or the estate of the last to die of all multiple owners.
On the death of a sole owner or the last of multiple owners, beneficiary-form securities pass to the beneficiaries who survive all owners. ★ On proof of death of all owners and compliance with the registering entity's requirements, the security may be reregistered in the surviving beneficiaries' names. Until division, multiple surviving beneficiaries hold as tenants in common. ★ If no beneficiary survives all owners, the security belongs to the estate of the sole owner or of the last owner to die.
Marked in the text: penalties, time limits, sums of money. Editorial emphasis added by this edition; it does not appear in the statute as enacted.
This provision appears in Volume 1 — The Surrogate's Court in Plain English; Volume 3 — The Surrogate's Court: Court Rules & the EPTL; Volume 5 — Your Career: Surrogate's Court in Plain English.