N.Y. Estates, Powers and Trusts Law 13-4.2 – Registration in beneficiary form; sole or joint tenancy
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§ 13-4.2 Registration in beneficiary form; sole or joint tenancy
Terms Used In N.Y. Estates, Powers and Trusts Law 13-4.2
- 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 which 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 N.Y. Estates, Powers and Trusts Law 13-4.1
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See N.Y. Estates, Powers and Trusts Law 13-4.1
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- 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 N.Y. Estates, Powers and Trusts Law 13-4.1
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
ownership
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.