Common use of Death of Account Owner Clause in Contracts

Death of Account Owner. The Credit Union may require the survivor or other claimant to the account to produce certain documents before releasing the funds in the account. You agree that the Credit Union can require anyone who claims funds in your account after your death to indemnify the Credit Union for any losses resulting from honoring that claim. The Credit Union may continue to honor all transfers, withdrawals, deposits, and other transactions on the account once the Credit Union learns of an account owner's death. Once we know of a member's death, we may pay checks or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days after that date unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. This agreement will be binding upon any heirs or legal representatives of any account owner. We reserve the right to require the consent of all owners to terminate a joint account.