Common use of Account Titling and Ownership Clause in Contracts

Account Titling and Ownership. The Bank Account may only be owned and titled in the name of one (1) person who solely retains the right to deposit, transfer, or withdraw funds. The Bank Account cannot be owned or titled jointly, by an organization, as "Payable on Death" (referred to as "POD"), "In Trust For" (referred to as "ITF"), or under “Power of Attorney.” The Bank Account and your obligations under this Bank Account Agreement may not be assigned. In the event that your Bank Account comes under a Power of Attorney or conservatorship, we will work with your legal representatives to handle the disposition of your Bank Account.