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Georgia Code Title 53. Wills, Trusts, and Administration of Estates § 53-5-61

Current as of March 28, 2024 | Updated by FindLaw Staff

As used in this article, the term:

(1) “Beneficiary form” means 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, means 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” means 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” 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.

(5) “Security account” means:

(A) 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;

(B) An investment management account, investment advisory account, investment agency account, custody account, or any other type of security or trust account with a financial institution as such term is defined in Code Section 7-1-911, including the securities in the account, the cash balance in the account, and cash equivalents, and any interest, earnings, or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death; or

(C) 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.

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Cite this article: FindLaw.com - Georgia Code Title 53. Wills, Trusts, and Administration of Estates § 53-5-61 - last updated March 28, 2024 | https://codes.findlaw.com/ga/title-53-wills-trusts-and-administration-of-estates/ga-code-sect-53-5-61/

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