Delaware § 801 - Definitions.

§ 801. Definitions.

In this chapter, unless the context otherwise requires:

(1) “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 upon the death of the owner.

(2) “Cash equivalents” means a security or other investment that is easily converted into cash, including treasury bills, treasury notes, money market funds, savings bonds, short-term instruments, and short-term obligations.

(3) “Devisee” means any person designated in a will to receive a disposition of real or personal property.

(4) “Heirs” means those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.

(5) “Person” means an individual, a corporation, an organization, or other legal entity.

(6) “Personal representative” includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.

(7) “Property” includes both real and personal property or any interest therein and means anything that may be the subject of ownership.

(8) “Register,” including its derivatives, means to issue a certificate showing the ownership of a certificated security or, in the case of an uncertificated security or a security account, to initiate or transfer an account showing ownership of securities.

(9) “Registering entity” means a person who originates or transfers a security title by registration and includes a broker, a securities dealer, a bank, a savings bank, a trust company, an investment adviser, or any other financial institution maintaining security accounts for customers and a transfer agent or other person acting for or as an issuer of securities.

(10) a. “Security” means a share, participation, or other interest in property, in a business, or in an obligation of an enterprise or other issuer.

b. “Security” includes all of the following:

1. Any share, stock, participation, or other interest in or obligation of any of the following:

A. A corporation.

B. A limited liability company or any series of a limited liability company.

C. A partnership, whether general or limited, or any series of a partnership.

D. A trust, including a common law trust, a voting trust, a business trust, or a statutory trust, or any series of a trust.

2. A certificated security, an uncertificated security, and a security account.

(11) “Security account” means:

a. A reinvestment account associated with a security, a securities account with a broker, a cash balance in such an account, cash, cash equivalents, interest, earnings, or dividends earned or declared on a security in such an account, whether or not credited to the account before the owner’s death, or

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; or

c. An investment management account, securities account, custody account, or other agency account for the investment or custody of securities maintained with a bank, a savings bank, a trust company, a securities dealer, an investment adviser, or other financial institution, including the securities in such account, a cash balance in such an account, cash, cash equivalents, interest, and earnings, dividends or distributions earned or declared on a security in such an account, whether or not credited to the account before the owner’s death.

(12) “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.

70 Del. Laws, c. 394, §  1;  84 Del. Laws, c. 391, § 1;