Massachusetts General Laws ch. 190B sec. 6-302 – Registration in beneficiary form; sole or joint tenancy ownership
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Section 6–302. [Registration in Beneficiary Form; Sole or Joint Tenancy Ownership.]
Terms Used In Massachusetts General Laws ch. 190B sec. 6-302
- 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
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- 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 1 individual or multiple ownership by 2 or more with rights 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 rights of survivorship, or as tenants by the entireties, and not as tenants in common.