Common use of Account Designation Clause in Contracts

Account Designation. A Payable on Death (P.O.D.) account designation makes a single party or multiple party individual account payable to the owners during their lifetimes, and upon the death of the last joint owner, payable to the named P.O.D. beneficiary on your account card. If the P.O.D. account is held by more than one owner, each account holder will be subject to the rules pertaining to joint ownership as set forth above. Accounts payable to more than one P.O.D. beneficiary are owned jointly with right of survivorship. If there is no surviving P.O.D. beneficiary upon the death of the last owner, state law will determine ownership of the funds in the account. Any P.O.D. beneficiary shall not apply to XXX accounts, which shall be governed by a separate beneficiary designation. A P.O.D. beneficiary’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. We are not obligated to notify any beneficiary/payee of the existence of any account nor the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or in the name of a trust.

Account Designation. A Payable on Death (P.O.D.) account designation makes a single party or multiple party individual account payable to the owners during their lifetimes, and upon the death of the last joint owner, payable to the named P.O.D. beneficiary on your account card. If the P.O.D. account is held by more than one owner, each account holder will be subject to the rules pertaining to joint ownership as set forth above. Accounts payable to more than one P.O.D. beneficiary are owned jointly with right of survivorship. If there is no surviving P.O.D. beneficiary upon the death of the last owner, state law will determine ownership of the funds in the account. Any P.O.D. beneficiary shall not apply to XXX IRA accounts, which shall be governed by a separate beneficiary designation. A P.O.D. beneficiary’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. We are not obligated to notify any beneficiary/payee of the existence of any account nor the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or in the name of a trust.