Enrolled HB 517: Relating to the definition of certain security accounts, including certain reinvestment, investment management, and custody accounts.
00Enrolled HB 517 01 Relating to the definition of certain security accounts, including certain reinvestment, 02 investment management, and custody accounts. 03 _______________ 04 * Section 1. AS 13.33.301 is amended to read: 05 Sec. 13.33.301. Definitions. In AS 13.33.301 - 13.33.310, 06 (1) "beneficiary form" means a registration of a security that indicates 07 the present owner of the security and the intention of the owner regarding the person 08 who will become the owner of the security upon the death of the owner; 09 (2) "POD" means "pay on death"; 10 (3) "register," including its derivatives, means to issue a certificate 11 showing the ownership of a certificated security or, in the case of an uncertificated 12 security, to initiate or transfer an account showing ownership of securities; 13 (4) "registering entity" means a person who originates or transfers a 14 security title by registration and includes a broker maintaining security accounts for
01 customers and a transfer agent or other person acting for or as an issuer of securities; 02 (5) "security" means a share, participation, or other interest in 03 property, in a business, or in an obligation of an enterprise or other issuer and includes 04 a certificated security, an uncertificated security, and a security account; 05 (6) "security account" means 06 (A) a reinvestment account associated with a security, a 07 securities account with a broker, a cash balance in a brokerage account, cash, 08 cash equivalents, interest, earnings, or dividends earned or declared on a 09 security in an account, a reinvestment account, or a brokerage account, 10 whether or not credited to the account before the owner's death; [OR] 11 (B) a cash balance or other property held for or due to the 12 owner of a security as a replacement for or product of an account security, 13 whether or not credited to the account before the owner's death; or 14 (C) an investment management account, or a custody 15 account, with a trust company or with a trust division of a bank with trust 16 powers; this subparagraph includes, whether or not credited to the 17 account before the owner's death, 18 (i) the securities in the account; 19 (ii) a cash balance in the account; and 20 (iii) cash, cash equivalents, interest, earnings, or 21 dividends that are earned or declared on a security in the account; 22 (7) "TOD" means "transfer on death."