Common use of Death or Incompetence of Account Owner or Affecting Signatory Authority Clause in Contracts

Death or Incompetence of Account Owner or Affecting Signatory Authority. You must notify the Bank immediately upon the death, dissolution, or incompetence of any Account Holder or Authorised Signatory to your Account. After we receive any such notice whether from you or from other sources, we may freeze the balance of the Account, refuse any transactions, as well as return or otherwise reverse deposits. The Bank may further refuse to release any assets until reasonable documentation is provided verifying or disproving the Account Holder or any Authorised Signatory’s death or incompetence, as well as, in the case of such death, dissolution, or incompetence, who is entitled to the assets of the Account. If you die or the entity Account Holder is dissolved while residing outside of Nevis, we may require a personal representative be appointed in a court of competent jurisdiction to manage the Account Holder’s interests prior to releasing any assets. Any tax liability arising against the Bank as the result of the death, dissolution, or incompetence of the Account Holder shall be deducted from any transfer out of the Account. If you owe any debt to the Bank at the time of your death or dissolution, the Bank shall have the full and absolute right to exercise its right of set off (which is the Bank’s right to apply funds in one Account to the debt associated with another Account with the same Account Holder) or security interest rights against any funds credited to your balance after your death or dissolution. These rights shall withstand the rights of any beneficiary of any trust that may have rights to the Account or the property and rights of the Account Holder.

Death or Incompetence of Account Owner or Affecting Signatory Authority. You must notify the Bank immediately upon the death, dissolution, or incompetence of any Account Holder or Authorised Signatory to your Account. After we receive any such notice whether from you or from other sources, we may freeze the balance of the Account, refuse any transactions, as well as return or otherwise reverse deposits. The Bank may further refuse to release any assets until reasonable documentation is provided verifying or disproving the Account Holder or any Authorised Signatory’s death or incompetence, as well as, in the case of such death, dissolution, or incompetence, who is entitled to the assets of the Account. If you die or the entity Account Holder is dissolved while residing outside of Nevis, we may require a personal representative be appointed in a court of competent jurisdiction to manage the Account Holder’s interests prior to releasing any assets. Any tax liability arising against the Bank as the result of the death, dissolution, or incompetence of the Account Holder shall be deducted from any transfer out of the Account. If you owe any debt to the Bank at the time of your death or dissolution, the Bank shall have the full and absolute right to exercise its right of set off setoff (which is the Bank’s right to apply funds in one Account to the debt associated with another Account with the same Account Holder) or security interest rights against any funds credited to your balance after your death or dissolution. These rights shall withstand the rights of any beneficiary of any trust that may have rights to the Account or the property and rights of the Account Holder.

Death or Incompetence of Account Owner or Affecting Signatory Authority. You must notify the Bank immediately upon the death, dissolution, or incompetence of any Account Holder or Authorised Signatory to your Account. After we receive any such notice whether from you or from other sources, we may freeze the balance of the Account, refuse any transactions, as well as return or otherwise reverse deposits. The Bank may further refuse to release any assets until reasonable documentation is provided verifying or disproving the Account Holder or any Authorised Signatory’s death or incompetence, as well as, in the case of such death, dissolution, or incompetence, who is entitled to the assets of the Account. If you die or the entity Account Holder is dissolved while residing outside of Nevis, we may require a personal representative be appointed in a court of competent jurisdiction to manage the Account HolderXxxxxx’s interests prior to releasing any assets. Any tax liability arising against the Bank as the result of the death, dissolution, or incompetence of the Account Holder shall be deducted from any transfer out of the Account. If you owe any debt to the Bank at the time of your death or dissolution, the Bank shall have the full and absolute right to exercise its right of set off setoff (which is the Bank’s right to apply funds in one Account account to the debt associated with another Account account with the same Account Holder) or security interest rights against any funds credited to your balance after your death or dissolution. These rights shall withstand the rights of any beneficiary of any trust that may have rights to the Account or the property and rights of the Account Holder.