Election by Spouse. Notwithstanding Section 3 of Article IV of Part Two above, if the Depositor’s spouse is the sole Beneficiary on the Depositor’s date of death, the spouse will not be treated as the Depositor if the spouse elects not to be so treated. In such event, the Custodial Account will be distributed in accordance with the other provisions of such Article V, except that distributions to the Depositor’s spouse are not required to commence until December 31 of the year in which the Depositor would have turned age 70½ (for a Depositor born before July 1, 1949) or age 72 (for a Depositor born on or after July 1, 1949).
Appears in 4 contracts
Samples: Custodial Agreement, Custodial Agreement, Custodial Agreement
