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. 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 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.