Section 4-405 - Change in Securities

Unless a contrary intent is expressly indicated in the will, a specific legacy includes additional or substituted securities if: (1) Securities are the subject of a specific legacy; (2) After the execution of the will other securities of the same or another entity are distributed to the testator because of the testator’s ownership of the original securities, whether as a result of a partial liquidation, stock dividend, stock split, merger, consolidation, reorganization, recapitalization, redemption, exchange, or other transaction; and (3) The securities are part of the estate of the testator at the time of the testator’s death.