Section 1. Securities owned by a deceased person, the value of which do not exceed $750 with any one issuer, and with a cumulative value of not more than $2,100, may, if 30 days has elapsed since the death of the deceased and neither a duly appointed executor or administrator nor a voluntary administrator has made written demand upon the issuer for payment, and the issuer shall not otherwise have actual notice that proceedings relative to the formal or informal settlement of the estate of the deceased have been commenced in any probate court, upon the request by or on behalf of any of the following persons cause such stock to be registered and held in the name of the surviving husband or wife or to an adult child of the deceased, or if the issuer is satisfied that there is no surviving husband or wife or adult child, to the surviving father or mother of the deceased. Such issuer shall not be liable to any claims in respect to such securities.