Be it enacted by the Senate and House of Representatives
in General Court assembled, and by the authority of the same,
Chapter 196 of the General Laws is hereby amended by adding the following section:-
Section 9. Securities owned by a deceased person, the value of which do not exceed seven hundred and fifty dollars with any one issuer, and with a cumulative value of no more than two thousand one hundred dollars, may, if thirty days has elapsed since the death of the deceased and neither a duly appointed executor or administrator nor a voluntary administrator has made written demand upon the issuer for payment, and the issuer shall not otherwise have actual notice that proceedings relative to the formal or informal settlement of the estate of the deceased have been commenced in any probate court, upon the request by or on behalf of any of the following persons cause such stock to be registered and held in the name of the surviving husband or wife, or to an adult child of the deceased, or if the issuer is satisfied that there is no surviving husband or wife or adult child, to the surviving father or mother of the deceased. Such issuer shall not be liable to any claims in respect to such securities.