Section 5507 Of Part 3. Uniform Tod Security Registration Act From California Probate Code >> Division 5. >> Part 3.
5507
. On death of a sole owner or the last to die of all multiple
owners, ownership of securities registered in beneficiary form passes
to the beneficiary or beneficiaries who survive all owners. On proof
of death of all owners and compliance with any applicable
requirements of the registering entity, a security registered in
beneficiary form may be reregistered in the name of the beneficiary
or beneficiaries who survive the death of all owners. Until division
of the security after the death of all owners, multiple beneficiaries
surviving the death of all owners hold their interests as tenants in
common. If no beneficiary survives the death of all owners, the
security belongs to the estate of the deceased sole owner or the
estate of the last to die of all multiple owners.