Designation Made Sample Clauses

Designation Made. The Parties to the account own the account in proportion to the Parties’ net contributions to the account. The Credit Union may pay any sum in the account to a Party at any time. On the death of a Party to a Multiple-Party Account, all sums in the account on the date of death vest in and belong to the surviving Party(ies) as their separate property and estate. If a P.O.D. designation is made and is signed by all account Parties, on the death of the last surviving Party, the ownership of the account passes to the P.O.D. beneficiary(ies) identified on the Account Signature Card (equally if there are multiple beneficiaries), and we will pay the account to the P.O.D. beneficiaries unless otherwise required by law. If on the death of the last surviving Party on an account with multiple P.O.D. beneficiaries, a designated P.O.D. beneficiary is also deceased, the deceased P.O.D. beneficiary’s portion will be paid to the surviving P.O.D. beneficiary(ies). If a designated P.O.D. beneficiary dies after the last surviving Party but before the P.O.D. beneficiary’s part of the funds is claimed, then the deceased P.O.D. beneficiary’s portion of the funds will be paid to the deceased P.O.D. beneficiary’s estate. The Parties, while living, reserve the right to terminate this account at any time by written notice delivered to us, in which event the P.O.D. beneficiary(ies) shall have no interest in funds so distributed.
AutoNDA by SimpleDocs
Designation Made. In the case of distributions to an individual where a Section 242(b) designation was made before January 1, 1984 in a form substantially equivalent to that set forth in this Appendix, the Committee shall honor such Section 242(b) designation in making distributions hereunder to all individuals identified in such Section 242(b) designation. For this purpose:
Designation Made. In the case of distributions to an individual where a Section 242(b) designation was made before January 1, 1984, the Administrator's Representative shall honor such Section 242(b) designation in making distributions hereunder to all individuals identified in such Section 242(b) designation. For this purpose:

Related to Designation Made

  • Designation The Executive shall designate a Beneficiary by completing and signing the Beneficiary Designation Form and delivering it to the Plan Administrator or its designated agent. If the Executive names someone other than the Executive’s spouse as a Beneficiary, the Plan Administrator may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Plan Administrator, executed by the Executive’s spouse and returned to the Plan Administrator. The Executive’s beneficiary designation shall be deemed automatically revoked if the Beneficiary predeceases the Executive or if the Executive names a spouse as Beneficiary and the marriage is subsequently dissolved. The Executive shall have the right to change a Beneficiary by completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Plan Administrator’s rules and procedures. Upon the acceptance by the Plan Administrator of a new Beneficiary Designation Form, all Beneficiary designations previously filed shall be cancelled. The Plan Administrator shall be entitled to rely on the last Beneficiary Designation Form filed by the Executive and accepted by the Plan Administrator prior to the Executive’s death.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!