Deceased Account Owners, Claims & Transactions Sample Clauses

Deceased Account Owners, Claims & Transactions. For a sole proprietor, doing business as or single owner account, you agree that any representative or claimant (generally a credi- tor) of your estate is bound by the terms of this Contract. Upon an owner’s death, we may require any estate representative or other claimant of the funds held in a deceased owner’s account(s) to prove his or her authority as the representative of the estate or claimant of the funds and identification as the estate representa- tive or claimant before we will release any funds held in any ac- count. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) at our Credit Union. We may require an estate representative or claim- ant or anyone who claims an interest in funds held in a deceased owner’s account to indemnify us for any losses resulting from the claim before we will release the funds to the estate representative or claimant or other person. We may continue to honor all depos- its, withdrawals, transfers and transactions on the account until we receive a certified copy of an owner’s death certificate, along with proof of the representative’s, claimant’s or third person’s au- thority as the representative, claimant or creditor of the estate and identification as the estate representative, claimant or creditor. To assure that we carry out your wishes, if we need to seek legal or other professional advice to review any documentation provided by a representative or claimant that affects your account, a ser- vice or a transaction, you agree that we may deduct all costs and expenses, including reasonable attorney fees, incurred for the review of that documentation from your account. Alternatively, if there is a dispute between purported representatives and/or claimants, and/or there is uncertainty about who is entitled to the funds in the account that we cannot resolve by referring to this Contract, you agree that we may either remit the funds to the state as unclaimed property (as allowed by state law) or deposit the funds in an account with a court and ask the court to resolve the dispute or uncertainty over who is entitled to the funds. If we elect to deposit the funds with a court we may deduct our attorney fees and court costs from the funds in the account to be deposit- ed with the court. Whether the funds are remitted to the state or deposited with a court, you agree that the account will be closed and that all purported representatives and/or claimants wi...
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Deceased Account Owners, Claims & Transactions 
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Related to Deceased Account Owners, Claims & Transactions

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