PREFILED    DEC 27 2011

REFERENCE TITLE: technical correction; nonprobate transfers

State of Arizona Senate Fiftieth Legislature Second Regular Session 2012

SB 1030

Introduced by Senator Reagan

 

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