705.21 Definitions; transfer on death security registration. - Wisconsin Statutes

705.21

SUBCHAPTER III
TRANSFER ON DEATH SECURITY REGISTRATION
705.21 Definitions; transfer on death security registration. In ss. 705.21 to 705.30:

705.21(2)

(2) "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.

705.21(5)

(5) "Devisee" means any person designated in a will to receive a disposition of real or personal property.

705.21(6)

(6) "Heir" has the meaning given in s. 851.09.

705.21(7)

(7) "Personal representative" has the meaning given in s. 851.23.

705.21(8)

(8) "Property" has the meaning given in s. 851.27.

705.21(9)

(9) "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.

705.21(10)

(10) "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.

705.21(11)

(11) "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.

705.21(12)

(12) "Security account" means any of the following:

705.21(12)(a)

(a) A reinvestment account associated with a security, a securities account with a broker, a cash balance in a brokerage account, cash, cash equivalents, 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.

705.21(12)(am)

(am) An investment management or custody account with a trust company or a trust division of a bank with trust powers, including the securities in the account, a cash balance in the account, and cash, cash equivalents, 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.

705.21(12)(b)

(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.

705.21(13)

(13) "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.

705.21 - ANNOT.

History: 1989 a. 331; 2005 a. 10.