Terms Used In Rhode Island General Laws > Chapter 7-11.1 - The Uniform Transfer on Death Security Registration Act

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• 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 becomes the owner of the security upon the death of the owner. See Rhode Island General Laws 7-11.1-2
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Descendent: One who is directly descended from another such as a child, grandchild, or great grandchild.
• Executor: A male person named in a will to carry out the decedent
• Heirs: means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a descendent. See Rhode Island General Laws 7-11.1-2
• Intestate: Dying without leaving a will.
• 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.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means an individual, a corporation, an organization, or other legal entity. See Rhode Island General Laws 7-11.1-2
• Personal property: All property that is not real property.
• Personal representative: includes executor, administrator, successor, personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Rhode Island General Laws 7-11.1-2
• Probate: Proving a will
• Property: includes both real and personal property or any interest in them and means anything that may be the subject of ownership. See Rhode Island General Laws 7-11.1-2
• Registering entity: means a person who or that 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 Rhode Island General Laws 7-11.1-2
• 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 Rhode Island General Laws 7-11.1-2
• Security account: means :

  (i)  A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, interest, earnings, or dividends earned or declared on security in an account, a reinvestment account, or a brokerage account, whether or not credited to the account before the owner's death; or

  (ii)  A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death. See Rhode Island General Laws 7-11.1-2

• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• State: includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. See Rhode Island General Laws 7-11.1-2
• Statute: A law passed by a legislature.
• United States: include the several states and the territories of the United States. See Rhode Island General Laws 43-3-8