1. (a) If the testator intended a specific devise of certain securities rather than the equivalent value thereof, the specific devisee is entitled only to:

   1. (1) as much of the devised securities as is a part of the estate at the time of the testator's death;
   2. (2) any additional or other securities of the same entity owned by the testator by reason of action initiated by the entity excluding any acquired by exercise of purchase options;
   3. (3) securities of another entity owned by the testator as a result of a merger, consolidation, reorganization, or other similar action initiated by the entity;
   4. (4) any additional securities of the entity owned by the testator as a result of a plan of reinvestment if it is a regulated investment company.
2. (b) Distributions prior to death with respect to a specifically devised security not provided for in subsection (a) are not part of the specific devise.

HISTORY: 1986 Act No. 539, Section 1; 1990 Act No. 521, Section 26.