64.1-206.1 - Definitions. - Virginia Statutes

§ 64.1-206.1. Definitions.

In this chapter, unless the context otherwise requires:

"Beneficiary form" means a registration of a security which indicates thepresent owner of the security and the intention of the owner regarding theperson who will become the owner of the security upon the death of the owner.

"Devisee" means any person designated in a will to receive a disposition ofreal or personal property.

"Heirs" means those persons, including the surviving spouse, who areentitled under the statutes of intestate succession to the property of adecedent.

"Personal representative" includes executor, administrator, successor,personal representative, special administrator, and persons who performsubstantially the same function under the law governing their status.

"Property" includes both real and personal property or any interest thereinand means anything that may be the subject of ownership.

"Register," including its derivatives, means to issue a certificate showingthe ownership of a certificated security or, in the case of an uncertificatedsecurity, to initiate or transfer an account showing ownership of securities.

"Registering entity" means a person who originates or transfers a securitytitle by registration, and includes a broker maintaining security accountsfor customers and a transfer agent or other person acting for or as an issuerof securities.

"Security" means a share, participation, or other interest in property, ina business, or in an obligation of an enterprise or other issuer, andincludes a certificated security, an uncertificated security, and a securityaccount.

"Security account" means (i) a reinvestment account associated with asecurity, a securities account with a broker, a cash balance in a brokerageaccount, cash, interest, earnings, or dividends earned or declared on asecurity in an account, a reinvestment account, or a brokerage account,whether or not credited to the account before the owner's death, or (ii) acash balance or other property held for or due to the owner of a security asa replacement for or product of an account security, whether or not creditedto the account before the owner's death.

(1994, c. 422.)