Common use of Designated Death Beneficiary Clause in Contracts

Designated Death Beneficiary. In accordance with Article III, Section 2 of this Custodial Agreement and if permitted by the Custodian, the Depositor, Designated Beneficiary or Responsible Individual shall have the right to name a Designated Death Beneficiary(ies) on a form provided by and acceptable to the Custodian. In the event of the Designated Beneficiary’s death, such Designated Death Beneficiary(ies) shall be entitled to the remaining interest in the account. If any such Designated Death Beneficiary is not a member of the family (as defined in Article X, Section 13 of this Custodial Agreement), the remaining balance in the account shall be distributed to the Designated Death Beneficiary within 30 days of the death of the Designated Beneficiary. If any such Designated Death Beneficiary is a member of the family (as defined in Article X, Section 13 of this Custodial Agreement), the remaining balance in the account shall become the Xxxxxxxxx ESA of the Designated Death Beneficiary. If no death beneficiary designation is in effect or if none of the death beneficiaries survive the Designated Beneficiary, the remaining balance will be paid to the estate of the Designated Beneficiary.

Designated Death Beneficiary. In accordance with Article III, Section 2 of this Custodial Agreement and if permitted by the Custodian, the Depositor, Designated Beneficiary or Responsible Individual shall have the right to name a Designated Death Beneficiary(ies) on a form provided by and acceptable to the Custodian. In the event of the Designated Beneficiary’s 's death, such Designated Death Beneficiary(ies) shall be entitled to the remaining interest in the account. If any such Designated Death Beneficiary is not a member of the family (as defined in Article X, Section 13 of this Custodial Agreement), the remaining balance in the account shall be distributed to the Designated Death Beneficiary within 30 days of the death of the Designated Beneficiary. If any such Designated Death Beneficiary is a member of the family (as defined in Article X, Section 13 of this Custodial Agreement), the remaining balance in the account shall become the Xxxxxxxxx ESA of the Designated Death Beneficiary. If no death beneficiary designation is in effect or if none of the death beneficiaries survive the Designated Beneficiary, the remaining balance will be paid to the estate of the Designated Beneficiary.