Chapter 514
AN ACT
SB 692
Relating to the Uniform TOD Security Registration Act; creating new
provisions; and amending ORS 59.535.
Be It Enacted by the People of
the State of
SECTION 1. ORS 59.535 is amended to read:
59.535. For the purposes
of ORS 59.535 to 59.585, 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) “Heirs” means those persons, including the surviving spouse, who are
entitled under the statutes of intestate succession to the property of a
decedent.
(4) “Person” means an
individual, a corporation, an organization or other legal entity.
(5) “Personal
representative” includes executor, administrator, successor personal
representative, special administrator and persons who perform substantially the
same function under the law governing their status.
(6) “Property” includes
both real and personal property or any interest therein and means anything that
may be the subject of ownership.
(7) “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.
(8) “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.
(9) “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.
(10) “Security account”
means:
(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; [or]
(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[.];
or
(c) An investment
management account, a safekeeping account or a custody account with a financial
institution or trust company, as those terms are defined in ORS 706.008,
including the securities 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.
(11) “State” includes
any state of the
SECTION 2. The amendments to ORS 59.535 by section 1 of
this 2007 Act apply to security accounts maintained by a registration entity on
or after the effective date of this 2007 Act.
Approved by the Governor June 20, 2007
Filed in the office of Secretary of State June 21, 2007
Effective date January 1, 2008
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