Common use of Death of Holder Clause in Contracts

Death of Holder. Upon receipt of satisfactory evidence of the Holder’s death and provided a Survivor is the successor holder of the Account, the Trustee will continue to hold the Property for such successor holder as Holder of the Account. (a) if the Holder has a designated beneficiary, the Account Proceeds will be paid or transferred to the designated beneficiary, subject to the Applicable Laws. The Trustee and the Agent will be fully discharged by such payment or transfer, even though any beneficiary designation made by the Holder may be invalid as a testamentary instrument or under the laws of the jurisdiction where the Holder is domiciled at death; (b) if a trustee has been designated as beneficiary for the Account, the Agent and Trustee will be fully discharged by payment to the trustee without any obligation to see to the due execution of any trust imposed upon such trustee; and (c) if the Holder’s designated beneficiary has died before the Holder or if the Holder has not designated a beneficiary or if the Holder has designated his or her “estate”, the Trustee will pay the Account Proceeds to the Holder’s estate upon receipt of the instructions from the Estate Representative and in accordance with Applicable Laws.

Death of Holder. Upon receipt of satisfactory evidence of the Holder’s death and provided a Survivor is the successor holder of the Account, the Trustee will continue to hold the Property for such successor holder as Holder of the Account.. If there is no successor holder, (a) if the Holder has a designated beneficiary, the Account Proceeds will be paid or transferred to the designated beneficiary, subject to the Applicable Laws. The Trustee and the Agent will be fully discharged by such payment or transfer, even though any beneficiary designation made by the Holder may be invalid as a testamentary instrument or under the laws of the jurisdiction where the Holder is domiciled at death; (b) if a trustee has been designated as beneficiary for the Account, the Agent and Trustee will be fully discharged by payment to the trustee without any obligation to see to the due execution of any trust imposed upon such trustee; and (c) if the Holder’s designated beneficiary has died before the Holder or if the Holder has not designated a beneficiary or if the Holder has designated his or her “estate”, the Trustee will pay the Account Proceeds to the Holder’s estate upon receipt of the instructions from the Estate Representative and in accordance with Applicable Laws.

Death of Holder. Upon receipt of satisfactory evidence of the Holder’s death and provided a the Survivor is the successor holder of the Account, the Trustee will continue to hold the Property for such successor holder as Holder of the Account. (a) . If there is no successor holder, then the Trustee will hold the Property for payment in a lump sum to the beneficiary or beneficiaries designated by the Holder if living at the time of the Holder’s death or if the Holder has not validly designated a beneficiary or if the designated beneficiarybeneficiary or beneficiaries has or have all predeceased the Holder, the Account Trustee will hold the Property for payment to the Holder’s estate. If the Holder has designated more than one beneficiary and the Holder has not indicated how the Proceeds are to be shared among them or the shares do not add up to 100%, then the Proceeds shall be divided equally among the validly designated beneficiaries who were living at the time of the Holder’s death. In any case, the Proceeds will be paid or transferred to the designated beneficiary, subject to Applicable Laws and paragraph 17, and only after the Applicable LawsAgent receives the Estate Documents and all releases that the Trustee or Agent request. The Trustee and the Agent will be fully discharged hereunder by such the payment or transfer, of the Proceeds even though any if a beneficiary designation made by the Holder may be is invalid as a testamentary instrument or under the laws of the jurisdiction where the Holder is domiciled at death; (b) if a trustee has been designated as beneficiary for the Account, the Agent and Trustee will be fully discharged by payment to the trustee without any obligation to see to the due execution of any trust imposed upon such trustee; and (c) if the Holder’s designated beneficiary has died before the Holder or if the Holder has not designated a beneficiary or if the Holder has designated his or her “estate”, the Trustee will pay the Account Proceeds to the Holder’s estate upon receipt of the instructions from the Estate Representative and in accordance with Applicable Laws.