South Carolina § 35-6-10 - Short title; definitions.

§ 35-6-10. Short title; definitions.

(A) This chapter may be cited as the Uniform Transfer on Death Security Registration Act.

(B) As used in this chapter:

(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) "Devisee" means a person designated in a will to receive a disposition of property.

(3) "Heirs" means those persons, including the surviving spouse, who are entitled under the laws of intestate succession to the property of a decedent.

(4) "Person" means an individual, a corporation, an organization, or other legal entity.

(5) "Personal representative" includes a personal representative, administrator, or other person who performs substantially the same functions by law.

(6) "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.

(7) "Registration 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.

(8) "Security" means and is defined as provided in Section 35-1-102(29) and as a security account.

(9) "Security account" means:

(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; 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.

(10) "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.

HISTORY: 1997 Act No. 102, SECTION 1, eff June 13, 1997; 2005 Act No. 110, SECTION 3, eff January 1, 2006.

Code Commissioner's Note

At the direction of the Code Commissioner, in (B)(8), the incorrect reference to "Section 35-1-102(28)" was corrected to read "Section 35-1-102(29)".

Effect of Amendment

The 2005 amendment, in paragraph (B)(8), substituted "35-1-102(28)" for "35-1-320(5) and (8)".