RS 9:1711

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RS 9:1711

CHAPTER 4. LOUISIANA UNIFORM TRANSFER ON DEATH

SECURITY REGISTRATION ACT

§1711. Definitions

In this Chapter, the following definitions shall apply unless the context otherwise requires:

(1)"Beneficiary form" means a registration of a security that indicates the present owner or co-owners of the security and the designation of the person in whose name the security is to be registered upon the death of the owner or co-owner.

(2)"Good faith" has the same meaning as provided in R.S. 10:1-201.

(3)"Registering entity" means a person who originates or transfers a security title by registration, and includes a broker maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

(4)"Security" means a share, participation, or other interest in movable property, in a business, or in an obligation of an enterprise or other issuer, and includes a certificated security, an uncertificated security, and a security account. It shall not include a share, participation, or other interest in immovable property.

(5)"Security account" means the following:

(a)A reinvestment account associated with a security, a securities account with a broker, 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.

(b)A cash balance or other property held for or due to the owner of a security as a replacement for or product of an account security, whether or not credited to the account before the owner's death.

(6)"State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

Acts 2021, No. 167, §1, eff. Jan. 1, 2022.