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Section 21132 Of Chapter 3. Exoneration; Ademption From California Probate Code >> Division 11. >> Part 1. >> Chapter 3.
21132
. (a) If a transferor executes an instrument that makes an
at-death transfer of securities and the transferor then owned
securities that meet the description in the instrument, the transfer
includes additional securities owned by the transferor at death to
the extent the additional securities were acquired by the transferor
after the instrument was executed as a result of the transferor's
ownership of the described securities and are securities of any of
the following types:
(1) Securities of the same organization acquired by reason of action initiated by the organization or any successor, related, or acquiring organization, excluding any acquired by exercise of purchase options.
(2) Securities of another organization acquired as a result of a merger, consolidation, reorganization, or other distribution by the organization or any successor, related, or acquiring organization.
(3) Securities of the same organization acquired as a result of a plan of reinvestment.
(b) Distributions in cash before death with respect to a described security are not part of the transfer.
(1) Securities of the same organization acquired by reason of action initiated by the organization or any successor, related, or acquiring organization, excluding any acquired by exercise of purchase options.
(2) Securities of another organization acquired as a result of a merger, consolidation, reorganization, or other distribution by the organization or any successor, related, or acquiring organization.
(3) Securities of the same organization acquired as a result of a plan of reinvestment.
(b) Distributions in cash before death with respect to a described security are not part of the transfer.
