Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.
Ala. Code § 8-6-141
Registration - Beneficiary Form.
Known as the Uniform TOD Security Registration Act
The act spans §§ 8-6-140 to 8-6-151 (12 sections).
(Acts 1997, No. 97-703, p. 1451, §2.)
Official source: Alabama Legislature (ALISON). Reproduced from public-domain Alabama statutes; confirm against the official source for the current text. Not legal advice.