§ 14-6301 — Definitions

In this article, unless the context otherwise requires:

1. "Beneficiary form" means a registration of a security that 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 owner's death.

2. "Register" means to issue a certificate that shows the ownership of a certificated security or, in the case of an uncertificated security, to initiate or transfer an account that shows ownership of securities.

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

4. "Security" means any share, participation or other interest in 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.

5. "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.

(b) A cash balance or any 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.

(c) An investment management or custody account with a trust company or a trust division of a bank with trust powers, and includes the securities in the account, a cash balance in the account, cash, cash equivalents, interest and earnings or dividends earned or declared on a security in the account, whether or not credited to the account before the owner's death.