Alabama Code 8-6-141. Registration – Beneficiary form
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Terms Used In Alabama Code 8-6-141
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- property: includes both real and personal property. See Alabama Code 1-1-1
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
Only individuals whose registration of a security shows sole ownership by one individual or multiple ownership by two or more with right of survivorship, rather than as tenants in common, may obtain registration in beneficiary form. Multiple owners of a security registered in beneficiary form hold as joint tenants with right of survivorship, as tenants by the entireties, or as owners of community property held in survivorship form, and not as tenants in common.