Individual Account a. If a Participant's benefit is to be distributed over (1) a period not extending beyond the life expectancy of the Participant or the joint life and last survivor expectancy of the Participant and the Participant's designated Beneficiary or (2) a period not extending beyond the life expectancy of the designated Beneficiary, the amount required to be distributed for each calendar year, beginning with distributions for the first distribution calendar year, must at least equal the quotient obtained by dividing the Participant's benefit by the applicable life expectancy.
Individual Account. If the account is opened by an individual, the Customer represents and warrants that the Customer is legally capable of validly entering into and performing this Agreement and that the Customer has attained the age of 18 years and is of sound mind and legal competence and is not a bankrupt.
Individual Account. The Units shall be credited to a separate account established and maintained by the Company for the Participant on the first business day following the date of grant of the Units (the “Account”). The Units will be deemed to be invested in Shares only. The Account shall be maintained on the Company’s books solely for recordkeeping purposes, and shall not represent any actual segregation or investment of assets or any interest in any Shares.
Individual Account. The named party in an individual account owns the account and may withdraw all or some of the account. On the death of the party, ownership passes as part of the party's estate. TRANSFERS AND ASSIGNMENTS. We may assign or transfer any or all of our interest in this account. You cannot assign or transfer any interest in your account unless we agree in writing.
Individual Account. 11.5(a)(1)
Individual Account. “Individual account” has the meaning set forth in §1.1471- 1(b)(64).
Individual Account. An individual account is an account owned by one depositor, including an individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (POD) beneficiary, if applicable.
Individual Account. An individual account is an account owned by you alone, which you as the account owner use during your lifetime. Generally, in the event of your death, the funds in your account will go to your estate, subject to the terms of this Agreement and applicable law. Subject to the terms of applicable law and this Agreement, you can specifically designate a person, persons or entity as a beneficiary of the account, known as a payable on death (POD) or Xxxxxx Trust account. In such case, upon proof of death and the payee’s proper identification in compliance with the terms of this Agreement and the Credit Union’s policies and procedures, the funds in your account shall transfer to your named beneficiary in accordance with the appli- cable laws governing POD and Xxxxxx Trust accounts. If you designate more than one beneficiary on the account, each will be entitled to his or her proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries designated on the account), and will own those funds without a right of survivorship. If a beneficiary predeceases you, it is your responsibility to notify us and make any changes to the account. This procedure does not apply to Individual Retirement Accounts, which have separate beneficiary designations.