Common use of Conservatorships Clause in Contracts

Conservatorships. A lawfully court-appointed conservator may establish an account at the Credit Union for a conservatorship under certain criteria. A lawfully appointed conservator is an individual or entity that has been appointed by a Colorado court, or initially appointed by an out-of-state court and thereafter reauthorized by the order of a Colorado court, for the benefit of a person under the protection of the court. A conservatorship can qualify to open an account at the Credit Union if the protected party for whom the conservatorship was initiated is a current member or is otherwise within the Credit Union field- of-membership and eligible to become a member. Only the persons or entities who have been designated to serve as conservator(s) may transact business on a conservatorship account. Any individual conservator may act for the conservatorship and may instruct us regarding transactions and any other account matters. If more than one conservator is required to authorize a transaction, the conservatorship cannot maintain an account at the Credit Union. Each conservator guarantees the signature(s) and transactions performed by all other conservators. Any single conservator may individually withdraw any or all funds, stop payment on items, order checks, or engage in any other activity concerning the account without the consent of the other conservators, subject to any restrictions contained in the court order establishing the conservatorship. In each such case, the act of any single conservator is binding upon the conservatorship and all of the other conservator(s). We have no duty to notify any other conservator(s) about any transactions, except as otherwise required by the court order establishing the conservatorship. Cross-member account transfers are not permitted on conservatorship accounts.

Conservatorships. A lawfully court-appointed conservator may establish an account at the Credit Union for a conservatorship under certain criteria. A lawfully appointed conservator is an individual or entity that has been appointed by a Colorado court, or initially appointed by an out-of-state court and thereafter reauthorized by the order of a Colorado court, for the benefit of a person under the protection of the court. A conservatorship can qualify to open an account at the Credit Union if the protected party for whom the conservatorship was initiated is a current member or is otherwise within the Credit Union field- of-membership and eligible to become a member. Only the persons or entities who have been designated to serve as conservator(s) may transact business on a conservatorship account. Any individual conservator may act for the conservatorship and may instruct us regarding transactions and any other account matters. If more than one conservator is required to authorize a transaction, the conservatorship cannot maintain an account at the Credit Union. Each conservator guarantees the signature(s) and transactions performed by all other conservators. Any single conservator may individually withdraw any or all funds, stop payment on items, order checks, or engage in any other activity concerning the account without the consent of the other conservators, subject to any restrictions contained in the court order establishing the conservatorship. In each such case, the act of any single conservator is binding upon the conservatorship and all of the other conservator(s). We have no duty to notify any other conservator(s) about any transactions, except as otherwise required by the court order establishing the conservatorship. Cross-Cross- member account transfers are not permitted on conservatorship accounts.