2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 64 - Transfer on Death Security Registration
6411 - Transfers of securities and security accounts.

     § 6411.  Transfers of securities and security accounts.
        (a)  Payment of inheritance tax.--No corporation, financial
     institution, broker or similar entity shall transfer on its
     books or issue a new certificate for any share of its capital
     stock, its registered bonds, a security or a security account,
     belonging to or standing in the name of a resident decedent,
     belonging to or standing in the joint names of a resident
     decedent and one or more persons, held in trust by or for a
     resident decedent or in a beneficiary form indicating that a
     resident decedent was the present owner or became the owner upon
     the death of another, unless the inheritance tax upon the
     transfer has actually been paid, or the written consent of the
     Secretary of Revenue, or its designee, is first secured, or
     there is presented to it an affidavit of the personal
     representative or heir of the decedent, or his or their
     attorney, that the decedent was a nonresident at the time of his
     death, or that the person in whose name said security, security
     account, shares of registered bond stands jointly with the
     decedent by right of survivorship was the spouse of the decedent
     at the time of death and that the ownership in or designation of
     such spouse was not created within one year before the
     decedent's death, or written notification of the transfer is
     given to the Secretary of Revenue within ten days of the
     transfer as provided in subsection (d).
        (b)  Certificate of payment.--Whenever the inheritance tax
     upon the transfer of a security, security account, share or
     registered bank referred to herein is paid, it shall be the duty
     of the secretary upon his motion or the request of any party in
     interest or of such corporation, association, financial
     institution, broker or similar entity to provide a certification
     of such payment. The assessment notice subjecting said security,
     etc., to tax issued by the Department of Revenue shall serve as
     certification of such payment if accompanied by proof of
     payment.
        (c)  Exemption.--The provisions of this section shall not
     apply to the transfer of stock, registered bonds, securities or
     a securities account assigned by a decedent before his death as
     collateral security for a loan, provided that any lender so
     holding such item shall, upon selling it, send a written report
     to the department stating the amount for which the items were
     sold and the amount which was applied in reduction or payment of
     the loan. Any entity, hereinabove described, may transfer such
     item upon presentation to it of an affidavit of the lender, or
     someone acting under the authority of the lender and on its
     behalf, that the item was held as security at the time of
     decedent's death.
        (d)  Notification.--Notification to the Secretary of Revenue
     shall include the name of the deceased person, the purchase date
     of the capital stock, registered bond, security or security
     account, the date of death value of the item being transferred
     and the name, address and social security number of the person
     to whom the item is being transferred.