64.1-206.2 - Registration in beneficiary form; sole or joint tenancy ownership; applicable law. - Virginia Statutes

§ 64.1-206.2. Registration in beneficiary form; sole or joint tenancyownership; applicable law.

A. Only individuals whose registration of a security shows sole ownership byone individual or multiple ownership by two or more with right ofsurvivorship, rather than as tenants in common, may obtain registration inbeneficiary form. Multiple owners of a security registered in beneficiaryform hold as joint tenants with right of survivorship, as tenants by theentireties, or as owners of community property held in survivorship form, andnot as tenants in common.

B. A security may be registered in beneficiary form if the form is authorizedby this chapter or a similar law of the state of organization of the issueror registering entity, the location of the registering entity's principaloffice, the office of its transfer agent or its office making theregistration, or by a similar law of the state listed as the owner's addressat the time of registration.

A registration governed by the law of a jurisdiction in which this chapter orsimilar law is not in force or was not in force when a registration inbeneficiary form was made is nevertheless presumed to be valid and authorizedas a matter of contract law.

(1994, c. 422.)