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.
KRS 292.6507
Ownership on death of owner
Known as the Securities Act
The act spans §§ 292–292 (93 sections).
Applied in 1 court decision — leading case Estate of McVey v. Department of Revenue (2015)
Most recently applied in Estate of McVey v. Department of Revenue (December 2015)
Effective: August 1, 1998 History: Created 1998 Ky
Official source: Kentucky General Assembly. Reproduced from public-domain Kentucky statutes; confirm against the official source for the current text. Not legal advice.