A security may be registered in beneficiary form, if the form is authorized by this chapter, by the laws of the state of organization of the issuer or registering entity; by the laws of the state of the location of the registering entity's principal office, the office of its transfer agent, or its office making the registration; or by the laws of the state listed as the owner's address at the time of registration. A registration governed by the law of a jurisdiction in which these provisions are not in force or was not in force when a registration in beneficiary form was made is nevertheless presumed to be valid and authorized as a matter of contract law.

HISTORY: 1997 Act No. 102, Section 1, eff June 13, 1997.

Editor's Note

1997 Act No. 102, Section 2, provides as follows:

"SECTION 2. This act takes effect upon approval by the Governor, and applies to registrations of securities in beneficiary form made before or after the effective date of this act by decedents dying on or after the effective date of this act."