Death or Incompetence of an Owner or Authorized Signer. You agree to notify us immediately regarding the death or court-declared incompetence of any of you, including any owner or authorized signer on your account. Until we receive such notice in writing, we may continue to honor items drawn on your account by you, including owner(s) and authorized signer(s). We may freeze, refuse, and reverse payments belonging to the decedent if any owner or authorized signer dies or is declared by a court to be incompetent at our sole discretion. Without liability, we may accept deposits payable to an owner or pay orders drawn by or on behalf of an owner who died until we have actual notice of the death and have had a reasonable opportunity to act on that notice. We will require appropriate proof of death and proof of a claimant’s authority before releasing funds in the account to a third party or otherwise taking direction from a third party regarding the account. We can require anyone who claims funds in your account after your death to indemnify us for any losses resulting from honoring that claim.
Appears in 6 contracts
Samples: Member Services Agreement, Member Services Agreement, Member Services Agreement
