Common use of Account Ownership Clause in Contracts

Account Ownership. If You own the Assets in the Account together with another person or persons (individually, the "Owner" and collectively, the "Owners"), You agree, jointly and individually, that all Assets in the account are held as Joint Tenants with Rights of Survivorship and not as Tenants in Common. As such, You agree that each Owner is the agent for the other, and that each is authorized to act individually under the terms and conditions of this Agreement, including exercising the authority to receive, deposit, withdraw or transfer Assets held in the Account at any time. Upon the death of one Owner, Assets held in the Account shall become the absolute property of the surviving Owner, and You hereby direct and authorize IDS to recognize the surviving Owner as Owner of the Account. You, the Owner(s) individually and severally hereby agree to indemnify and hold IDS harmless from any liability or damage IDS may incur in complying with the written instructions provided for herein, including the delivery, deposit, withdrawal, pledging or transfer of the Assets held in the Account, including reasonable attorney's fees and costs. You, the Owner(s) further agree the terms outlined herein shall inure to, and be binding upon each of your heirs, executors, assigns and administrators, as well as to and upon yourselves.

Account Ownership. If You own the Assets in the Account together with another person or persons (individually, the "Owner" and collectively, the "Owners"), You agree, jointly and individually, that all Assets in the account are held as Joint Tenants with Rights of Survivorship and not as Tenants in Common. As such, You agree that each Owner is the agent for the other, and that each is authorized to act individually under the terms and conditions of this Agreement, including exercising the authority to receive, deposit, withdraw or transfer Assets held in the Account at any time. Upon the death of one Owner, Assets Xxxxxx held in the Account shall become the absolute property of the surviving Owner, and You hereby direct and authorize IDS to recognize the surviving Owner as Owner of the Account. You, the Owner(s) individually and severally hereby agree to indemnify and hold IDS harmless from any liability or damage IDS may incur in complying with the written instructions provided for herein, including the delivery, deposit, withdrawal, pledging or transfer of the Assets held in the Account, including reasonable attorney's fees and costs. You, the Owner(s) further agree the terms outlined herein shall inure to, and be binding upon each of your heirs, executors, assigns and administrators, as well as to and upon yourselves.