17-49a07. Ownership on death of owner.
17-49a07
17-49a07. 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, proof of payment of inheritance tax, no tax due or a consent to
transfer
certified by the director of
taxation of the Kansas department of revenue 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.
If any
beneficiary should predecease the owner, then the security may be registered to
another person or persons, in accordance with the beneficiary designation made
by the owner or 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, in equal shares unless
otherwise directed by the beneficiary designation.
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.
History: L. 1994, ch. 44, § 7;
L. 1996, ch. 227, § 2; May 23.