Common use of Death of an Account Owner Clause in Contracts

Death of an Account Owner. In the event of the death of a member, the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law, subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the designated Payable On Death (POD) payee(s) unless we are required to remit the funds to someone else by law (as provided in paragraph 4 above). In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit Union. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. We may require that anyone claiming a deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The vesting of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” We may pay checks or honor payments or transfer orders authorized by a member for a period of ten (10) days after the date of that member’s death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from the date of the appointment of the Personal Representative. If the account is settled under the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlement.

Death of an Account Owner. a. In the event of the death of a member, the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law), subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with usoffset. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the last designated POD (Payable On Death (PODDeath) payee(s) unless we are required to remit ). If there is more than one POD payee, the funds shall be disbursed to someone else by law (as provided in paragraph 4 above)the named POD payees pro rata. In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit UnionUnion consistent with applicable probate laws of the jurisdiction in which the decedent was a resident, or, it the application of such probate law would not, in our opinion afford the Credit Union sufficient protection in a given case, then we may elect to require compliance with any more protective provision under the probate laws then in effect in Maryland. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. We may require that anyone claiming a deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The vesting of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” b. We may pay checks or honor payments or transfer orders authorized by a member for a period of ten (10) days after the date of that member’s death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from the date of the appointment of the Personal Representative. If the account is settled under the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlement.

Death of an Account Owner. In the event of the death of a member, title to the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law), subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with usoffset. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the last designated POD (Payable On Death (PODDeath) payee(s) unless we are required to remit ). If there is more than one POD payee, the funds shall be disbursed to someone else by law (as provided the named POD payees in paragraph 4 above)the designated ratio. In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit UnionUnion consistent with applicable probate laws of the jurisdiction in which the decedent was a resident, or, if the application of such probate law would not, in our opinion afford the Credit Union sufficient protection in a given case, then we may elect to require compliance with any more protective provision under the probate laws then in effect in Maryland. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. We Upon the death of a member, we likewise and in addition to any other rights of set-off or to retain funds, have the right to set-off any debt owed to us by the deceased member for any existing default and we have the right to retain any funds on deposit in the account of the deceased member as security and collateral to ensure the payment of any debts or obligations the member has to us at the time of the deceased member’s death. In addition to other accounts, these rights of offset and to retain funds specifically apply to accounts that were jointly owned by the deceased member and any other member or members, and the Credit Union shall have the right to retain all of the funds on deposit in such a joint account upon the death of any member in an amount equal to or less than all of the obligations of the deceased member, except as otherwise prohibited by law. Likewise, for any payable on death accounts, the Credit Union shall have the right to retain all funds on deposit in such an account in an amount equal to or less than all obligations of the deceased member, except as prohibited by law, prior to paying any funds to any beneficiary on a payable on death account. The Credit Union may require that anyone claiming a deceased owner’s account funds indemnify us for from any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs heirs, beneficiaries, legatees, or legal representatives of any account owner. The vesting Upon the death of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” We an account owner we may pay checks or honor drafts, payments or transfer orders requests authorized by a member for a period of ten (10) days after the date of that member’s death unless we receive instructions to act otherwise are received from any person claiming an interest in the account to stop payment on the checks or other items. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from the date of the appointment of the Personal Representative. If the account is settled under the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlementaccount.

Death of an Account Owner. In the event of the death of a member, the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law, subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the designated Payable On Death (POD) payee(s) unless we are required to remit the funds to someone else by law (as provided in paragraph 4 above). In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit Union. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. We may require that anyone claiming a deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The vesting of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” ”‌ We may pay checks or honor payments or transfer orders authorized by a member for a period of ten (10) days after the date of that member’s death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from the date of the appointment of the Personal Representative. If the account is settled under the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlement.

Death of an Account Owner. In the event of the death of a member, the funds in any deposit account shall automatically pass to any joint account owner(s) unless we are required to remit the funds to someone else by law, subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the designated Payable On Death (POD) payee(s) unless we are required to remit the funds to someone else by law (as provided in paragraph 4 above). In the event that there are no joint account owners and no designated POD payee(s), the funds may only be disbursed in accordance with Colorado Probate Law and the policies and procedures of the Credit Union. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the funds. We may require that anyone claiming a deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The vesting of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” We may pay checks or honor payments or transfer orders authorized by a member for a period of ten (10) days after the date of that member’s death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from the date of the appointment of the Personal Representative. If the account is settled under the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlement.

Death of an Account Owner. In You irrevocably waive the event right to make a testamentary disposition of any account with the Credit Union now or in the future. You agree that upon your death, your account will be payable in accordance with any existing account designations and the terms of the Agreement. Upon the death of a memberan account owner, the funds in any deposit the account shall automatically pass be payable to any joint account owner(s) unless we are required to remit the funds to someone else by law, subject to the Credit Union’s right of offset to extinguish or satisfy any existing or future obligation that the deceased member may have with us. In the event that there are no surviving joint account owners, then the funds on deposit (after any required offset) shall be disbursed to the designated Payable On Death (POD) payee(s) unless we are required to remit the funds to someone else by law (as provided in paragraph 4 above). In the event that there are no joint multiple party account owners and no designated or any POD payee(s), the funds may only be disbursed beneficiaries in accordance with Colorado Probate Law this Agreement and the policies and procedures of the Credit Union. The Credit Union shall have the right to retain any funds on deposit in a deceased member’s account(s) until such time as satisfactory arrangements have been made for payment in full of any obligations of the deceased member, and until the Credit Union has been provided documentation satisfactory to the Credit Union supporting disbursement of the fundsall applicable State and/or Federal law. We may require that anyone claiming a deceased owner’s account funds indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. The vesting of any interest in any sum payable to a POD beneficiary shall also be subject to the right of off- set between the Credit Union and any POD beneficiary.” We may pay honor checks or honor accept payments or transfer orders authorized transfers drawn by a member for a period of you until ten (10) days after the date we learn of that member’s death unless we receive instructions from your death. We require any person claiming an interest in the deceased member’s accounts to provide us proof of their right to the account and may require that person to stop payment indemnify us from any losses incurred as a result of honoring that claim. The conditions of this Membership and Account Agreement shall be binding upon any heirs, personal representatives, and successors of any account owner after his or her death. If offered, you may initiate or receive credits or debits to your account via wire transfer or ACH (automated clearinghouse) transfer. You agree that if you receive funds by a wire or ACH transfer, the Credit Union is not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. The Credit Union may provisionally credit your account for an ACH transfer before it receives final settlement for the transfer. You agree that if the Credit Union does not receive financial settlement for a transfer, it may reverse the provisional credit to your account, or you will refund the amount to the Credit Union. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the checks account or other itemsidentifying number you give as the proper identification number, even if it identifies a different party or institution. Colorado Probate Statutes require that no probated estate (court or informal, supervised or unsupervised) be settled before six months from Wire transfers are governed by Federal Reserve Regulation J if the date transfer is cleared through the Federal Reserve. ACH transaction are governed by the rules of the appointment of the Personal RepresentativeNational Automated Clearing House Association. Under those rules. If you have revoked your authorization for previously authorized ACH transactions, the Credit Union will not be responsible for the unauthorized ACH debits to your account if you fail to notify us in writing fifteen (15) days after we send or make available to you the statement containing that ACH entry. If your items are signed using any facsimile signature or other non-manual form of signature, you acknowledge that its use is settled under solely for your benefit and convenience. You accept sole responsibility for maintaining security over any device for affixing a signature. Such signature will be effective as your signature regardless of whether the Small Estates Act, then the closing of the account must be accomplished by the close of the dividend period following the date of settlementperson affixing it was authorized to do so.