A. On proof of death of a sole owner or the last to die of all multiple owners, and after compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be registered in the name of the beneficiary or beneficiaries who survived the death of all owners, in compliance with this Chapter, but this registration in the name of the beneficiary or beneficiaries has no effect on ownership.
B. The provisions of this Chapter shall apply notwithstanding the fact that the decedent designates a beneficiary by last will and testament.