N.Y. Estates, Powers & Trusts Law § 13-4.7: Ownership on death of owner

§ 13-4.7 Ownership on death of owner

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

beneficiary or 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 name of the beneficiary or 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.