                                 CODE OF VIRGINIA

OWNERSHIP ON DEATH OF OWNER (§ 64.2-616)

On death of a sole owner or the last to die of all multiple owners, ownership of
securities registered in beneficiary form passes to any beneficiaries who
survive all owners. On proof of death of all owners and compliance with any
applicable requirements of the registering entity, a security registered in
beneficiary form may be reregistered in the names of any beneficiaries who
survived the death of all owners. Until division of the security after the death
of all owners, multiple beneficiaries surviving the death of all owners hold
their interests as tenants in common. 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.

HISTORY: 1994, c. 422, § 64.1-206.5; 2012, c. 614.