{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-908","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-908","heading":"Ownership on death - Rights of creditors","body":"A. On death of a sole owner or the last to die of all multiple\n\nowners, ownership of securities registered in beneficiary form\n\npasses to the beneficiary or beneficiaries who survive all owners.\n\nOn proof of death of all owners and compliance with any applicable\n\nrequirements of the registering entity, a security registered in\n\nbeneficiary form may be reregistered in the name of the beneficiary\n\nor beneficiaries who survived the death of all owners. Until\n\ndivision of the security after the death of all owners, multiple\n\nbeneficiaries surviving the death of all owners hold their interests\n\nas tenants in common.\n\nB. If no beneficiary survives the death of all owners, the\n\nsecurity belongs to the estate of the deceased sole owner or the\n\nestate of the last to die of all multiple owners. A beneficiary\n\nfails to survive if the beneficiary is treated as having predeceased\n\nan owner by operation of Section 178 of Title 15 of the Oklahoma\n\nStatutes.\n\nC. 1. A registration in beneficiary form is not effective\n\nagainst an estate of a deceased sole owner or a deceased last to die\n\nof multiple owners to transfer to a beneficiary or beneficiaries\n\nsums needed to pay debts, taxes, and expenses of administration,\n\nincluding statutory allowances to the surviving spouse, minor\n\nchildren, and dependent children, if other assets of the estate are\n\ninsufficient. A TOD beneficiary in whose name a security is\n\nregistered after the death of the owner is liable to account to the\n\ndeceased owner's personal representative for securities so\n\nregistered or their proceeds to the extent necessary to discharge\n\nsuch claims and charges remaining unpaid after the application of\n\nthe assets of the decedent's estate. A proceeding to assert this\n\nliability may not be commenced unless the personal representative\n\nhas received a written demand by a surviving spouse, a creditor, or\n\none acting for a minor dependent child of the decedent, and a\n\nproceeding may not be commenced later than two (2) years following\n\nthe death of the decedent. A beneficiary against whom the\n\nproceeding is brought may elect to transfer to the personal\n\nrepresentative the security registered in the name of the\n\nbeneficiary after the death of the deceased owner if the beneficiary\n\nstill owns the security, or the net proceeds received by the\n\nbeneficiary upon disposition of the security by the beneficiary, and\n\nthat transfer fully discharges the beneficiary from all liability\n\nunder this subsection. Amounts or securities recovered by the\n\npersonal representative must be administered as part of the deceased\n\nowner's estate.\n\n2. This subsection does not affect the right of a registering\n\nentity to register a security in the name of the beneficiary, or\n\nmake a registering entity liable to the estate of a deceased owner,\n\nexcept for a reregistration after a registering entity has received\n\nwritten notice from any claimant to an interest in the security\n\nobjecting to implementation of a registration in beneficiary form.","path":["OK Code","Title 71"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os71.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"11c54e506598ba367db9614e5de8052c1da7654bb56984820e2c5692999938d1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-907","next":"us-ok/okla.-stat.-tit.-71-71-909"},"notice":"GroundRules: Original legal text. Not legal advice."}