§ 16-101. Definitions
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019
Effective: October 1, 2019
MD Code, Estates and Trusts, § 16-101
§ 16-101. Definitions
(a) In this title the following terms have the meanings indicated unless the context otherwise requires.
(b) “Beneficiary form” means a registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security on the death of the owner.
(c) “Devisee” means any person designated in a will to receive a disposition of real or personal property.
(d) “Heirs” means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
(e) “Personal representative” includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
(f) “Property” includes both real and personal property or any interest therein and means anything that may be the subject of ownership.
(g) “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 ownership of securities.
(h) “Registering entity” means a person who originates or transfers a security title by registration, and includes a broker or trust company maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.
(i)(1) “Security” means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer.
(j)(1) “Security account” means:
(i) 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;
Credits
Added by Acts 1994, c. 644, § 1, eff. Oct. 1, 1994. Amended by Acts 2001, c. 379, § 1, eff. Oct. 1, 2001; Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 16-101, MD EST & TRST § 16-101
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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