Illinois Compiled Statutes
815 ILCS 10/7 (2026)
Ownership on death of owner
✓ current as of May 2026
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(815 ILCS 10/7)
Sec. 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.
(Source: P.A. 88-577, eff. 1-1-95.)
Notes of Decisions
Cited in 3
cases, 2018–2020 · leading case: In re Est. of Martin, 2020 IL App (2d) 190140 (Ill. App. Ct. 2020).
In re Est. of Martin, 2020 IL App (2d) 190140 (Ill. App. Ct. 2020). “” 815 ILCS 10/7 (West 2018). Therefore, Alan has an interest in the UBS TOD account and, thus, an actual controversy exists.”
In re Est. of Martin, 2020 IL App (2d) 190140 (Ill. App. Ct. 2020). “” 815 ILCS 10/7 (West 2018). Therefore, Alan has an interest in the UBS TOD account and, thus, an actual controversy exists.”
Frances Gecker, Not Individually But for Emerald Casino, Inc. v. Est. (In re Emerald Casino, Inc.), 584 B.R. 727 (E.D. Ill. 2018). “) That statute provides, in relevant part, that a security registered in beneficiary form "passes to the beneficiary or beneficiaries who survive all owners," 815 ILCS 10/7, and that the resulting transfer of ownership is non-testamentary in nature.”
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