64.1-206.5 - Ownership on death of owner. - Virginia Statutes

§ 64.1-206.5. Ownership on death of owner.

On death of a sole owner or the last to die of all multiple owners, ownershipof securities registered in beneficiary form passes to any beneficiaries whosurvive all owners. On proof of death of all owners and compliance with anyapplicable requirements of the registering entity, a security registered inbeneficiary form may be reregistered in the name of any beneficiaries whosurvived the death of all owners. Until division of the security after thedeath of all owners, multiple beneficiaries surviving the death of all ownershold their interests as tenants in common. If no beneficiary survives thedeath of all owners, the security belongs to the estate of the deceased soleowner or the estate of the last to die of all multiple owners.

(1994, c. 422.)