Vermont Statutes Title 9 Sec. 4352
Terms Used In Vermont Statutes Title 9 Sec. 4352
- 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
- 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.
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See
- 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
- 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
§ 4352. Registration in beneficiary form; sole or joint tenancy 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 and not as tenants in common. In the case of community property established while the owners were residents of a community property state, the security continues its character as community property in this State unless it is subsequently reregistered by its owners. (Added 1999, No. 23, § 1.)