Bill Text: AZ SB1111 | 2014 | Fifty-first Legislature 2nd Regular | Introduced

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Bill Title: Technical correction; nonprobate transfers

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-01-22 - Referred to Senate RULES Committee [SB1111 Detail]

Download: Arizona-2014-SB1111-Introduced.html

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REFERENCE TITLE: technical correction; nonprobate transfers

 

 

 

State of Arizona

Senate

Fifty-first Legislature

Second Regular Session

2014

 

 

SB 1111

 

Introduced by

Senator Shooter

 

 

AN ACT

 

amending section 14-6303, Arizona Revised Statutes; relating to nonprobate transfers of securities.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Section 14-6303, Arizona Revised Statutes, is amended to read:

START_STATUTE14-6303.  Registration in beneficiary form; applicable law

A.  A security may be registered in beneficiary form if the form is authorized by this article or a similar statute of the state of organization of the issuer or registering entity, the location of the registering entity's principal office, the office of its transfer agent or its office making the registration or by this article or a similar statute of the law of the state listed as the owner's address at the time of registration.

B.  A registration governed by the law of a jurisdiction in which a law that is similar to this article is not in force or was not in force when a registration in beneficiary form was made is presumed to be valid and authorized as a matter of contract law. END_STATUTE