Common use of Death of an Account Owner Clause in Contracts

Death of an Account Owner. In the event of the death of any Account owner, the Successors to the Account owner shall immediately give Xxxxxx Xxxxx written notice of the death of any of the owners. The estate of any or each deceased Account owner, as well as each surviving Account owner, shall be liable, jointly and severally, to Xxxxxx Xxxxx for any debt or loss in this Account resulting from the completion of transactions initiated prior to Xxxxxx Xxxxx’ receipt of such a written notice of death, incurred in the liquidation of the Account, or taxes or other expenses becoming a lien or charge against the Account as the result of the death of any owner (or through the exercise by his or her estate or other representatives of any rights in the Account). This provision shall not release the decedent’s estate from any liability provided for in this Agreement. Xxxxxx Xxxxx may, before or after receiving written notice of the death of an Account owner, initiate proceedings, require documents, retain assets and/or restrict transactions in the Account as it may deem advisable to protect Xxxxxx Xxxxx against any tax, liability, penalty or loss under any present or future laws, regulations or business practices. I agree that in the event of my death, incompetency or disability, I and/or my Successors hold Xxxxxx Xxxxx harmless from any and all liability it may incur for continuing to operate as though I were alive and competent until Xxxxxx Xxxxx is notified in writing by Successors of such death or incompetency. Notwithstanding the foregoing, in the event of my death, incompetency or disability, Xxxxxx Xxxxx may liquidate, restrict or terminate services to my Account without prior notice to or demand upon my Successors.

Death of an Account Owner. In the event of the death of any Account owner, the Successors to the Account owner shall immediately give Xxxxxx Xxxxx written notice of the death of any of the owners. The estate of any or each deceased Account owner, as well as each surviving Account owner, shall be liable, jointly and severally, to Xxxxxx Xxxxx for any debt or loss in this Account resulting from the completion of transactions initiated prior to Xxxxxx Xxxxx’ receipt of such a written notice of death, incurred in the liquidation of the Account, or taxes or other expenses becoming a lien or charge against the Account as the result of the death of any owner (or through the exercise by his or her estate or other representatives of any rights in the Account). This provision shall not release the decedent’s estate from any liability provided for in this Agreement. Xxxxxx Xxxxx may, before or after receiving written notice of the death of an Account owner, initiate proceedings, require documents, retain assets and/or restrict transactions in the Account as it may deem advisable to protect Xxxxxx Xxxxx against any tax, liability, penalty penalty, or loss under any present or future laws, regulations regulations, or business practices. I agree that in the event of my death, incompetency incompetency, or disability, I and/or my Successors hold Xxxxxx Xxxxx harmless from any and all liability it may incur for continuing to operate as though I were alive and competent until Xxxxxx Xxxxx is notified in writing by Successors of such death or incompetency. Notwithstanding the foregoing, in the event of my death, incompetency or disability, Xxxxxx Xxxxx may liquidate, restrict restrict, or terminate services to my Account without prior notice to or demand upon my Successors.