Section 15.06. Interests held for benefit of another.

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Economic interests held in the name of a bank, broker-dealer, trustee, or nominee for the account of a person are owned by the person for whose benefit they are held. A person owns economic interests held in the name of another person or entity if by reason of any contract, understanding, relationship, including a family relationship or arrangement, such person obtains therefrom benefits substantially equivalent to those of ownership.

History: Renum. from 2.04 (2) and am., Register, September, 1976, No. 249 , eff. 10-1-76.

                    
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