An Act amending the uniform transfer on death security registration act; relating to certain definitions; amending K.S.A. 17-49a01 and 17-49a07 and repealing the existing sections.

Be it enacted by the Legislature of the State of Kansas:

Section 1. K.S.A. 17-49a01 is hereby amended to read as follows: 17- 49a01. As used in this act:

(a) ``Beneficiary form'' means a registration of a security which iden- tifies the present owner of the security and the intention of the owner regarding the person or persons who will become the owner or owners of the security upon the death of the owner.

(b) ``Person'' means an individual, a corporation, a partnership, an association, trust or an organization.

(b) (c) ``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 own- ership of securities.

(c) (d) ``Registering entity'' means a person who originates or trans- fers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person act- ing for or as an issuer of securities.

(d) (e) ``Security'' means a certificated or uncertificated security as defined in K.S.A. 84-8-102 and amendments thereto or as defined in K.S.A. 17-1252 and amendments thereto.

(e) (f) ``Security account'' means (1) a reinvestment account associ- ated with a security, a securities account with a broker, an agency account with a bank or trust company, a cash balance in a brokerage account, cash, 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 (2) a cash balance or other property held for or due to the owner of a security as a replace- ment for or product of an account security, whether or not credited to the account before the owner's death.

(f) (g) ``State'' includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or pos- session subject to the legislative authority of the United States.

Sec. 2. K.S.A. 17-49a07 is hereby amended to read as follows: 17- 49a07. On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the ben- eficiary or beneficiaries who survive all owners. On proof of death of all owners, proof of payment of inheritance tax, no tax due or a consent to transfer certified by the director of taxation of the Kansas department of revenue and compliance with any applicable requirements of the regis- tering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. If any beneficiary should predecease the owner, then the se- curity may be registered to another person or persons, in accordance with the beneficiary designation made by the owner or owners. Until division of the security after the death of all owners, multiple beneficiaries sur- viving the death of all owners hold their interests as tenants in common, in equal shares unless otherwise directed by the beneficiary designation.

If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.

Sec. 3. K.S.A. 17-49a01 and 17-49a07 are hereby repealed.

Sec. 4. This act shall take effect and be in force from and after its publication in the Kansas register.

Approved May 11, 1996.

Published in the Kansas Register: May 23, 1996.