Montana Code 72-6-303. Registration in beneficiary form — applicable law
72-6-303. Registration in beneficiary form — applicable law. (1) A security may be registered in beneficiary form if the form is authorized by this or a similar statute of the state:
Terms Used In Montana Code 72-6-303
- 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
- Beneficiary form: means a registration of a security that indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. See Montana Code 72-6-301
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Registering entity: means a person who originates or transfers a security title by registration and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities. See Montana Code 72-6-301
- Security: means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer and includes a certificated security, an uncertificated security, and a security account. See Montana Code 72-6-301
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Statute: A law passed by a legislature.
(a)of organization of the issuer or registering entity;
(b)of the location of the registering entity’s principal office;
(c)of the office of its transfer agent or its office making the registration; or
(d)listed as the owner’s address at the time of registration.
(2)A registration governed by the law of a jurisdiction in which this or similar legislation is not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.