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. (b) Except as provided herein, the Beneficiary does not own, control, or have rights to the Account. The Beneficiary may obtain information regarding the Account and update the Beneficiary’s Account information.

Appears in 4 contracts

Samples: Florida 529 Savings Plan Program Description and Participation Agreement, Florida 529 Savings Plan Program Description and Participation Agreement, Florida 529 Savings Plan Program Description and Participation Agreement

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