2006 New York Code - Ownership On Death Of Owner

 
  § 13-4.7 Ownership on death of owner
    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
  survived  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.