Common use of Rights of Beneficiaries Clause in Contracts

Rights of Beneficiaries. (a) The Beneficiary enjoys a right of survivorship for the Account Owner, which is subordinate only to an effective right of survivorship by the Survivor. If, and for as long as, the Beneficiary is a minor, the exercise of the right of survivorship requires a Parent of the Beneficiary to be the Account Owner acting in a custodial capacity pursuant to paragraph 3.02.