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November 15, 2024 Clouds | 33°F
The 193rd General Court of the Commonwealth of Massachusetts
  1. General Laws
  2. Part II REAL AND PERSONAL PROPERTY AND DOMESTIC RELATIONS
  3. Title II DESCENT AND DISTRIBUTION, WILLS, ESTATES OF DECEASED PERSONS AND ABSENTEES, GUARDIANSHIP, CONSERVATORSHIP AND TRUSTS
  4. Chapter 190B MASSACHUSETTS UNIFORM PROBATE CODE
  5. Article VI NONPROBATE TRANSFERS ON DEATH
  6. Section 6-301 Definitions

Section 6-301

Section 6-301: Definitions

Section 6–301. [Definitions.]

In this part:

(1) ''Beneficiary form'', 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.

(2) ''Register'', including its derivatives, is to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account showing ownership of securities.

(3) ''Registering entity'', 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.

(4) ''Security'', has the same meaning as provided in clause (k) of section 401 of chapter 110A and includes a security account.

(5) ''Security account'', (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 a 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.