South Carolina Code 35-6-40. Designation of beneficiary to take ownership upon death of owner or owners to be included for security to be registered in beneficiary form
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 35-6-40
- 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
- Security: means and is defined as provided in § 35-1-102(29) and as a security account. See South Carolina Code 35-6-10
A security, whether evidenced by a certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take ownership at the death of the owner or the death of all multiple owners.