Common use of Account Registration Clause in Contracts

Account Registration. You have selected the manner in which your account will be set up based on your personal requirements. You certify that the manner in which your account is titled reflects the ownership interest of the parties and is allowed under applicable state laws. We have no obligation to verify the legality of any registration under the probate, estate, or transfer laws of the state where this account is being opened or to determine which state laws govern the interpretation of the registration status of your account. Joint Registration With regard to accounts with joint owners, whether joint tenants or tenants in common, any obligations or liabilities resulting from one account owner’s actions are the responsibility of each account owner, both individually and jointly. We or The Clearing Firm may enforce this Agreement against all account owners or against any one of them individually. Each owner of a joint account may act as if he or she were the sole owner of the account, with no further notice or approval necessary from other joint owners. For example, a joint owner can — in his or her own name — write checks, buy and sell securities, withdraw or transfer assets, borrow against the account (such as through short sales or margin), arrange for account statements to be sent only to them, or change the account’s features and services (although no account owner may remove another’s name from the account without their authorization). In addition, with joint accounts, the principle of “notice to one is notice to all” applies. We or The Clearing Firm are legally considered to have fulfilled our obligation to you and the account if we fulfill it with respect to just one account owner (for example, sending statements or other required communications to just one account owner). The Parties are not obligated to question the purpose or propriety of any instruction of a joint account owner that appears to be authentic, or to let other owners know about any changes an owner has made to the account, unless we have received written notice to the contrary, from another account owner. The Parties reserve the right at any time and at their discretion to require the written consent of all account owners before acting on an instruction from one account owner. In the event of death of any one of you, the survivor or survivors will notify us immediately. We may take such actions as we deem necessary, such as request additional documents, retain such portion and/or restrict transactions in the account to protect us against any claim, penalty or loss. The estate of any deceased account owner or any other living account owner shall be liable, jointly and severally, to us for any debt or loss in this account resulting from the completion of transactions initiated prior to our receipt of a written notice of such death or incurred in the liquidation of the account or the adjustment of the interest of the respective parties. Laws covering joint or community property vary by state. You are responsible for verifying that the joint registration you choose is valid in your state. You may want to consult your legal counsel before establishing your account. Generally, for joint tenants with rights of survivorship and tenants by the entirety, upon the death of an account owner the entire interest in the account transfers to the surviving account owner(s). However, such transfer of interest is subject to the same terms and conditions set forth in the Agreement and does not release the decedent’s estate from the liability for amounts owed to the Parties. For tenants in common, a deceased account owner’s interest (which equals that of the other account owner(s) unless specified otherwise) goes to that deceased account owner’s legal representative. The interests in the account shall be determined as of the close of business on the date of death of the decedent (or on the next business day if the date of death is not a business day). Tenants in common are responsible for maintaining records of the percentages of ownership.

Account Registration. You have selected the manner in which your account will be set up based on your personal requirements. You certify that the manner in which your account is titled reflects the ownership interest of the parties and is allowed under applicable state laws. We have no obligation to verify the legality of any registration under the probate, estate, or transfer laws of the state where this account is being opened or to determine which state laws govern the interpretation of the registration status of your account. Joint Registration With regard to accounts with joint owners, whether joint tenants or tenants in common, any obligations or liabilities resulting from one account owner’s actions are the responsibility of each account owner, both individually and jointly. We or The the Clearing Firm may enforce this Agreement against all account owners or against any one of them individually. Each owner of a joint account may act as if he or she were the sole owner of the account, with no further notice or approval necessary from other joint owners. For example, a joint owner can — in his or her own name — write checks, buy and sell securities, withdraw or transfer assets, borrow against the account (such as through short sales or margin), arrange for account statements to be sent only to them, or change the account’s features and services (although no account owner may remove another’s name from the account without their authorization). In addition, with joint accounts, the principle of “notice to one is notice to all” applies. We or The the Clearing Firm are legally considered to have fulfilled our obligation to you and the account if we fulfill it with respect to just one account owner (for example, sending statements or other required communications to just one account owner). The Parties are not obligated to question the purpose or propriety of any instruction of a joint account owner that appears to be authentic, or to let other owners know about any changes an owner has made to the account, unless we have received written notice to the contrary, from another account owner. The Parties reserve the right at any time and at their discretion to require the written consent of all account owners before acting on an instruction from one account owner. In the event of death of any one of you, the survivor or survivors will notify us immediately. We may take such actions as we deem necessary, such as request additional documents, retain such portion and/or restrict transactions in the account to protect us against any claim, penalty or loss. The estate of any deceased account owner or any other living account owner shall be liable, jointly and severally, to us for any debt or loss in this account resulting from the completion of transactions initiated prior to our receipt of a written notice of such death or incurred in the liquidation of the account or the adjustment of the interest of the respective parties. Laws covering joint or community property vary by state. You are responsible for verifying that the joint registration you choose is valid in your state. You may want to consult your legal counsel before establishing your account. Generally, for joint tenants with rights of survivorship and tenants by the entirety, upon the death of an account owner the entire interest in the account transfers to the surviving account owner(s). However, such transfer of interest is subject to the same terms and conditions set forth in the Agreement and does not release the decedent’s estate from the liability for amounts owed to the Parties. For tenants in common, a deceased account owner’s interest (which equals that of the other account owner(s) unless specified otherwise) goes to that deceased account owner’s legal representative. The interests in the account shall be determined as of the close of business on the date of death of the decedent (or on the next business day if the date of death is not a business day). Tenants in common are responsible for maintaining records of the percentages of ownership.