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Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 633D.2. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

As used in this chapter, unless the context otherwise requires:

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. “Devisee” means any person designated in a will to receive a disposition of real or personal property.

3. “Heir” means a person, including the surviving spouse, who is entitled under the statutes of intestate succession to the property of a decedent.

4. “Register” 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 the security.

5. “Registering entity” means a person who originates or transfers a security title by registration, including a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

6. “Security” means a security as defined in section 502.102. For purposes of this chapter, “security” includes, but is not limited to, a certificated security, an uncertificated security, and a security account.

7. “Security account” means any of the following:

a. Any of the following:

(1) A reinvestment account associated with a security.

(2) A securities account with a broker.

(3) A cash balance in a brokerage account.

(4) 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. 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.

c. An investment management or custody account with a bank, trust company, or a trust division of a bank with trust powers, including the securities in the account, cash balance in the account, cash, cash equivalents, interest, earnings, and dividends earned or declared on a security in the account whether or not credited to the account before the owner's death. For purposes of this paragraph, “bank” means an entity as defined in section 12C.1.

8. “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.

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Cite this article: FindLaw.com - Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 633D.2. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xv-judicial-branch-and-judicial-procedures-chs-595-686/ia-code-sect-633d-2/

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