1. (1) Securities are the subject of a specific legacy;
2. (2) After the execution of the will other securities of the same or another entity are distributed to the testator because of the testator's ownership of the original securities, whether as a result of a partial liquidation, stock dividend, stock split, merger, consolidation, reorganization, recapitalization, redemption, exchange, or other transaction; and
3. (3) The securities are part of the estate of the testator at the time of the testator's death.

Unless a contrary intent is expressly indicated in the will, a specific legacy includes additional or substituted securities if:

Added by Acts 1974, c. 11, § 2, eff. July 1, 1974. Amended by Acts 2019, c. 197, § 1, eff. Oct. 1, 2019.

Formerly Art. 93, § 4-405.