Common use of Account Ownership Clause in Contracts

Account Ownership. If You deposit and hold Precious Metals in an Account together with another person or persons (individually, the “Owner” and collectively, the “Owners”), you agree, jointly and individually, 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 the Precious Metals held in the Account at any time. The parties may amend this Agreement to add other persons who were not listed in the originally executed agreement. If there is more than one owner of the Account, You are jointly and severally (in Québec, solidarily) liable to us for your obligations hereunder and you acknowledge that you own the Account jointly and, upon the death of one joint owner, all rights in the Account and the Account assets pass to the survivor(s) unless otherwise specified. Notwithstanding the foregoing, your ownership interest may pass in accordance with other legal documentation provided that it is in satisfactory form and is provided to us prior to transmission or payment of your interest. Upon the death or incompetence of an Owner, any and all acts performed by SM hereunder prior to the SM’s receipt of written notice of such death or incompetence, at the office where this Agreement is administered, shall be valid and binding upon the Owner and Owner’s successors in interest. If the Owner consists of more than one person, then the death or incompetence of the Owner shall only be deemed to occur if each such person has died or become incompetent. Upon receipt of satisfactory evidence of the death of an Owner and all other documents that SM may reasonably require, SM shall transfer the Account assets, or sell them and pay out the Account proceeds, to such Owner’s legal personal representative. Deductions will be made for all fees, costs and charges that are payable. SM will be fully discharged once SM makes such transfers or payments. SM will not be liable for any loss caused by any delay in making any such transfer or payment.