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.
Ark. Code Ann. § 28-14-107
Ownership on death of owner
Known as the Uniform TOD Security Registration Act
The act spans §§ 28-14-101 to 28-14-112 (12 sections).
Applied in 1 court decision — leading case Ginsburg v. Ginsburg (2003)
Most recently applied in Ginsburg v. Ginsburg (June 2003)
Acts 1993, No. 114, § 7.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.