Exchange of securities not to adeem specific legacy
If someone leaves stocks, bonds, or other securities to a person in their will, and those securities get swapped for new ones by the same company, the gift is not cancelled — the person who was left the gift gets the new securities instead. Also, if a stock splits (meaning one share becomes two or more shares), the person who was left shares in the will gets enough of the new shares to equal the same ownership slice of the company as originally intended.
474.463. Exchange of not to . — An exchange of corporate stock, or of bonds, promissory notes or other securities, for other stock, bonds, promissory notes or securities of the same or or its does not adeem a specific legacy of the stock, bonds, promissory notes or securities, and the is entitled to those received by the in exchange to the extent that they are part of his . A change, by a or like device, in the proportional interest in a corporation represented by a share of its stock, entitles a devisee of a specified number of shares to so many shares as are needed to represent the same proportional interest in the corporation as the specified number represented when the will was , whether the is specific, general or .
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Source & history notes
(L. 1980 S.B. 637, A.L. 1981 S.B. 117) Effective 6-10-81
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.