Successor Account Owner definition

Successor Account Owner means a successor to the ownership of an account designated as such in accordance with rule 781—16.10(12D) and the applicable program description.

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Successor Account Owner means the person named in the Contract by the Account Owner to exercise the rights of the Account Owner under the Contract if the Account Owner dies or becomes Legally Incompetent. The Successor Account Owner may be the Beneficiary. The Account Owner may change the designation at any time in writing to the Board. If the Account Owner dies or becomes Legally Incompetent, the Successor Account Owner shall automatically become the Account Owner for purposes of these Rules and the Contract, including, but not limited to constituting the Refund Recipient. In the event the Account Owner dies or becomes Legally Incompetent and no surviving Successor Account Owner exists, the surviving Successor Account Owner is Legally Incompetent or declines to serve, or the Account Owner did not designate a Successor Account Owner, the Beneficiary shall automatically become the Account Owner for purposes of these Rules and the Contract, including, but not limited to constituting the Refund Recipient. If the Beneficiary is a minor, the following shall apply:

Successor Account Owner means the individual, at least 18 years of age, corporation or other entity authorized to become the Account Owner and assume the responsibilities and duties of the Account Owner.

Examples of Successor Account Owner in a sentence

Successor Account Owner — The person designated by the Account Owner to assume ownership of the Account in the event of the Account Owner’s death.
Except as set forth in the Schedules, as of the Closing Date, there will exist no material contract, agreement, or arrangement between Enclaves and any person who was at the time of such contract, agreement, or arrangement an officer, director or person owning of record, or known by Enclaves to own beneficially, ten percent (10%) or more of the issued and outstanding Common Shares of Enclaves and which is to be performed in whole or in part after the date hereof.
If an Account Owner dies, control and ownership of the Account will be transferred to the Successor Account Owner.
But unless it is permitted by law, my Account will continue to benefit my Beneficiary, or the Beneficiary selected by my Successor Account Owner.
If no Successor Account Owner has been named or if the Successor Account Owner predeceases the Account Owner, control and ownership of the Account will be transferred to the Beneficiary if the Beneficiary is 18 years or older.
If no Successor Account Owner was originally identified during the Account opening process, the executor/executrix of the Account Owner’s estate should submit the appropriate documents designating the Successor Account Owner.
A Successor Account Owner designation can be changed or terminated by submitting the proper documentation to the Plan.
You may designate a Successor Account Owner to succeed to all of your rights, title, and interest in and to an Account (including the right to change the Beneficiary or withdraw all or any portion of the assets) upon your death.
You may transfer ownership during the Account Owner’s lifetime, or you can designate a Successor Account Owner to take over the Account balance upon the Account Owner’s death.
Plan accounts registered as Trust accounts may not designate a Successor Account Owner.

More Definitions of Successor Account Owner

Successor Account Owner has the meaning set forth in the Sale and Servicing Agreement.

Successor Account Owner means a “person” as described in Section 529(b)(1) of the Internal Revenue Code who acts on behalf of the Account Owner and succeeds him or her as Account Owner.

Successor Account Owner. The person named in the Enrollment Form or otherwise in writing to Scholar’s Edge by the Account Owner, who may exercise the rights of the Account Owner under Scholar’s Edge if the Account Owner dies or is declared legally incompetent. The Successor Account Owner may be the Beneficiary if the Beneficiary is 18 years or older. Supplement: An addendum to the Plan Description and Participation Agreement, issued from time to time.

Successor Account Owner means an individual named by the Contract Purchaser who meets the requirements to be a Purchaser and becomes the owner of the PACT Contract upon the death of the Contract Purchaser.

Successor Account Owner. The person named in writing to Colorado ABLE by the Account Owner or Authorized Individual, during the Account Owner’s lifetime, who will succeed to all allowable right, title, and interest in a funded Account following the death of the Account Owner. The Successor Account Owner must qualify as an Eligible Individual at the time the Account is transferred and must also be a Sibling of the original Account Owner.

Successor Account Owner. The person named in the Enrollment Application, or otherwise identified in writing, to the Advisor-Guided Plan, by the Account Owner to take control of the Account if the Account Owner dies. The Successor Account Owner may be your Beneficiary if your Beneficiary has reached the age of majority.