§ 2-16-108 — Ownership on death of owner

On death of a sole owner or the last to die of all multiple
owners, ownership of securities registered in beneficiary form
passes to the beneficiary or beneficiaries who survive all
owners. On proof of death of all owners and compliance with any
applicable requirements of the registering entity, a security
registered in beneficiary form may be reregistered in the name
of the beneficiary or beneficiaries who survived the death of
all owners. Until division of the security after the death of
all owners, multiple beneficiaries surviving the death of all
owners hold their interest as tenants in common. If no
beneficiary survives the death of all owners, the security
belongs to the estate of the deceased sole owner or the estate
of the last to die of all multiple owners.