Common use of SUCCESSION IN INTEREST OF BENEFICIARIES UNDER PAYMENT PLANS Clause in Contracts

SUCCESSION IN INTEREST OF BENEFICIARIES UNDER PAYMENT PLANS. DIRECT BENEFICIARY. Amounts payable under a payment plan will be payable to the direct beneficiary. CONTINGENT BENEFICIARIES. At the death of the direct beneficiary, the present value of any unpaid payments under a payment plan, will be payable in equal shares to the contingent beneficiaries who survive and receive payment. If a contingent beneficiary dies before receiving all or part of the contingent beneficiary's full share, the unpaid portion will be payable in equal shares to the other contingent beneficiaries who survive and receive payment.