17-49a07.   Ownership on death of owner.On death of a sole owner or the last to die of all multipleowners, ownership of securities registered in beneficiary form passes to thebeneficiary or beneficiaries who survive all owners. On proof of death of allowners, proof of payment of inheritance tax, no tax due or a consent totransfercertified by the director oftaxation of the Kansas department of revenue and compliance with anyapplicable requirements of the registeringentity, a security registered in beneficiary form may be reregistered in thename of the beneficiary or beneficiaries who survived the death of all owners.If anybeneficiary should predecease the owner, then the security may be registered toanother person or persons, in accordance with the beneficiary designation madeby the owner or owners.Until division of the security after the death of all owners, multiplebeneficiaries surviving the death of all owners hold their interests as tenantsin common, in equal shares unlessotherwise directed by the beneficiary designation. If no beneficiary survives the death of all owners, the securitybelongs to the estate of the deceased sole owner or the estate of the last todie of all multiple owners.

      History:   L. 1994, ch. 44, § 7;L. 1996, ch. 227, § 2; May 23.