Disbursal of Funds to Representative or Claimant Sample Clauses

Disbursal of Funds to Representative or Claimant. If you own a one owner account and have not designated any beneficiaries on the account, in the event of your death the funds in the account will go to your legal representative (subject to the terms of this agreement). If you own a multiple owner account and have not designated any beneficiaries on the account, in the event of your death your interest in the account and the funds in the account are owned by any surviving owner or owners of the account (subject to the terms of this agreement), and upon the death of the final account owner the funds in the account belong to that owner’s legal representative (subject to the terms of this agreement). You agree that any representative or claimant of your estate is bound by the terms of this contract. In the event of an account owner’s death we may require any estate representative or other claimant of the funds held in a deceased owner’s account(s) to evidence both his or her authority as the representative or claimant of the estate and identification as the estate representative or claimant before we will release any funds held in any account. We may require an estate representative or claimant 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 deposits, withdrawals, transfers and transactions on the account until we receive a certified copy of an account owner’s death certificate, along with proof of the representative’s, claimant’s or third person’s authority as the representative, claimant or creditor of the estate and identification as the estate representative claimant or creditor. You understand that it is your responsibility, and not the credit union’s, to assure that ownership and survivorship features of your accounts, as designated by you in Part 1 of this contract, accurately reflect and take into account your personal, domestic and business circumstances (such as, but not limited to, those created, changed or terminated by marriage, separation, divorce, children, death, or as a result of any agency, guardianship, conservatorship, trusts, xxxxx, incorporations, partnership agreements, contracts, indebtedness, etc.). Under some state laws unless you irrevocably waive your rights to make testamentary dispositions from any account, you understand that certain account ownership and survivorship features ...

Disbursal of Funds to Representative or Claimant. In the event a representative of your estate (or a claimant, such as a creditor or relative) attempts to claim the funds in an account with us, you agree that the representative or claimant of an estate is bound by the terms of the BSA. If we agree to investigate any claim, we may require a representative or claimant of an estate to prove her or his authority with documentation as a representative or claimant of the funds before we will release the funds held in any account. Any representative or claimant of an estate will also need to provide us with her or his ID, SSN, birthdate, physical address and other identifying information as we require (such as a second form of ID, thumbprint or fingerprint, etc.) for us to complete our due diligence before we can honor any claim for the funds in an account (or other product or service, such as a safe deposit box). We may require a representative or claimant to indemnify, defend us against and hold us harmless before we will release any of the funds held in an account. We may continue to honor all actions and transac- tions on an account, product or service until we receive a certified copy of the relevant person’s death certificate, along with proof of the representative’s or claimant’s authority and identification as the representative or claimant of the estate. The business (and own- er(s)) or organization agrees to be responsible for legal advice we require in connection with any matter concerning a claim involving the accounts, products and services with us (please see Provision 1.g.). The business (and owner(s)) or organization also under- stands if and when we honor a claim made on the funds in the ac- counts, we may do so by issuing our check payable to the business or organization or the relevant deceased person’s estate. Alterna- tively, if there is a dispute or uncertainty about who is entitled to the funds in an account or that we hold, we may either hold the funds or deposit them with a court at our discretion (please see in Provi- sion 19.b.). Finally, the business (and owner(s)) or organization un- derstands and agrees if the business (and owner(s)) or organiza- tion owes us money for any reason, the funds held in the account(s) or otherwise may be used to repay the business’s (and an owner’s) or organization’s obligations to us before any funds are distributed to a representative or claimant.