§ 41-40. Definitions.
Article 4.
The Uniform Transfer onDeath (TOD) Security Registration Act.
§ 41‑40. Definitions.
In this Article, unless thecontext otherwise requires:
(1) "Beneficiaryform" means a registration of a security that indicates the present ownerof the security and the intention of the owner regarding the person who willbecome 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 orpersonal property.
(3) "Heirs"means those persons, including the surviving spouse, who are entitled underChapter 29 of the General Statutes or the statutes of intestate succession ofother states to take the property of a decedent by intestate succession.
(4) "Person"means an individual, a corporation, an organization, or other legal entity.
(5) "Personalrepresentative" includes executor, administrator, collector, successorpersonal representative, special administrator, and persons who performsubstantially the same function under the law governing their status.
(6) "Property"includes both real and personal property or any interest in real or personalproperty and means anything that may be the subject of ownership.
(7) "Register",including its derivatives, means to issue a certificate showing the ownershipof a certificated security or, in the case of an uncertificated security, toinitiate or transfer an account showing ownership of securities.
(8) "Registeringentity" means a person who originates or transfers a security title byregistration and includes a broker maintaining security accounts for customersand 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, a business, or anobligation of an enterprise or other issuer, and includes a certificatedsecurity, an uncertificated security, a security account, and a securityentitlement as defined in G.S. 25‑8‑102.
(10) "Securityaccount" means (i) a reinvestment account associated with a security, asecurities account with a broker, a cash balance in a brokerage account, cash,interest, earnings, or dividends earned or declared on a security in anaccount, a reinvestment account, or a brokerage account, whether or notcredited to the account before the owner's death, or (ii) a cash balance orother property held for or due to the owner of a security as a replacement foror product of an account security, whether or not credited to the accountbefore the owner's death.
(11) "State"includes any state of the United States, the District of Columbia, theCommonwealth of Puerto Rico, and any territory or possession subject to thelegislative authority of the United States. (2005‑411, s. 1.)