Common use of Disbursal of Funds to Representative or Claimant Clause in Contracts

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 such as “multiple/joint account ownership with right of survivorship” and “pod/trust account beneficiary/pod payee” designations, can be invalidated. Because it is your responsibility to assure that ownership and survivorship features of your accounts accurately reflect and take into account your personal, domestic and business circumstances, and because you can change or close the account at any time, you irrevocably waive your right to make a testamentary disposition from any account at the credit union, both now and in the future. In the event of your death you authorize us to rely exclusively on the terms of Parts 1 and 2 of this contract for all transactions on the account, and for any changes to, distributions from or closure of the account.

Disbursal of Funds to Representative or Claimant. If you own a one owner account and have not designated any beneficiaries beneficiaries/POD pay- ees on the account, in the event of upon your death the funds in the account will go to your estate and can be claimed by your legal representative or claimant (generally a creditor) subject to the terms of this agreement)Agreement. If you own a multiple owner account and have not designated desig- nated any beneficiaries beneficiaries/POD payees on the account, in the event of upon 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 agreementAgreement), and upon the death of the final account owner the funds in the account belong will go to the final deceased owner’s estate and can be claimed by that owner’s legal representative or claimant (generally a creditor) subject to the terms of this agreement)Agreement. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) at our Credit Union. You agree that any representative or claimant of your estate is bound by the terms of this contractAgreement. In the event of Upon an account owner’s death death, we may require any estate representative or other claimant of the funds held in a deceased owner’s account(s) to evidence both prove his or her authority authori- ty as the representative of the estate or claimant of the estate funds 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 and defend us for against and hold us harmless from any losses resulting from the loss, damage, claim or liability 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 re- ceive a certified copy of an account owner’s death certificate, along with proof of the representativerepresenta- tive’s, claimant’s or third person’s authority as the representative, claimant or creditor of the estate and identification as the estate representative representative, claimant or creditor. You understand To as- sure that it is we carry out your responsibilitywishes, and not the credit union’s, if we need to assure seek legal or other professional advice to review any documentation provided by a representative or claimant that ownership and survivorship features of affects 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, a service or a transaction, you understand agree that certain account ownership we may deduct all costs and survivorship features such as “multiple/joint account ownership with right ex- penses, including reasonable attorney fees, incurred for the review of survivorship” and “pod/trust account beneficiary/pod payee” designationsthat documenta- tion from your account. Alternatively, can be invalidated. Because it if there is your responsibility a dispute between purported repre- sentatives and/or claimants, and/or there is uncertainty about who is entitled to assure that ownership and survivorship features of your accounts accurately reflect and take into account your personal, domestic and business circumstances, and because you can change or close the funds in the account at any timethat we cannot resolve by referring to this Agreement, you irrevocably waive your right agree that we may deposit the funds in an account with a court and ask the court to make resolve the dispute or uncertainty over who is entitled to the funds. If we elect to deposit the funds with a testamentary disposition court we may deduct our attorney fees and court costs from any account at the credit union, both now and funds in the futureaccount to be deposited with the court. In If the event of your death funds are deposited with a court, you authorize us agree that the account may be closed and that all purported representatives and/or claimants will need to rely exclusively on claim the terms of Parts 1 and 2 of this contract for all transactions on funds by contacting the account, and for any changes to, distributions from or closure of the accountcourt.

Disbursal of Funds to Representative or Claimant. If you own a one owner account and have not designated any beneficiaries beneficiaries/POD payees on the account, in the event of upon your death death, the funds in the account will go to your legal representative (or claimant subject to the terms of this agreement)Contract. If you own a multiple owner account and have not designated any beneficiaries beneficiaries/POD payees on the account, in the event of upon your death 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 agreementContract), and upon the death of the final account owner the funds in the account belong to that owner’s legal representative (or claimant subject to the terms of this agreement)Contract. You agree that any representative or claimant of your estate is bound by the terms of this contractContract. In the event of Upon an account owner’s death death, we may require any estate representative or other claimant of the funds held in a deceased owner’s account(s) to evidence both prove 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 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 ’s, or third person’s authority as the representative, claimant claimant, or creditor of the estate and identification as the estate representative claimant or creditor. You understand If we need to seek professional advice to review any documentation provided by a representative or claimant that it is affects 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 agree that certain account ownership we may deduct all costs and survivorship features such as “multiple/joint account ownership with right expenses, including reasonable attorney fees, incurred for the review of survivorship” and “pod/trust account beneficiary/pod payee” designations, can be invalidated. Because it is that documentation from your responsibility to assure that ownership and survivorship features of your accounts accurately reflect and take into account your personal, domestic and business circumstances, and because you can change or close the account at any time, you irrevocably waive your right to make a testamentary disposition from any account at the credit union, both now and in the future. In the event of your death you authorize us to rely exclusively on the terms of Parts 1 and 2 of this contract for all transactions on the account, and for any changes to, distributions from or closure of the account.

Disbursal of Funds to Representative or Claimant. If you own a one owner account and have not designated any beneficiaries be- neficiaries/POD payees on the account, in the event of upon your death death, the funds in the account will go to your legal representative (or clai- mant subject to the terms of this agreement)Contract. If you own a multiple owner account and have not designated any beneficiaries beneficiaries/POD payees on the account, in the event of upon your death death, your interest in the account ac- count and the funds in the account are owned by any surviving owner or owners of the account (subject to the terms of this agreementCon- tract), and upon the death of the final account owner the funds in the account ac- count belong to that owner’s legal representative (subject or claimant sub- ject to the terms of this agreement)Contract. You agree that any representative or claimant of your estate is bound by the terms of this contractContract. In the event of Upon an account owner’s death death, we may require any estate representative or other claimant of the funds held in a deceased owner’s account(s) to evidence both prove his or her authority as the representative repre- sentative 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 clai- mant or anyone who claims an interest in funds held in a deceased de- ceased owner’s account to indemnify us for any losses resulting from the claim before we will release the funds to the estate representative rep- resentative or claimant or other person. We may continue to honor hon- or all deposits, withdrawals, transfers transfers, and transactions on the account until we receive a certified copy of an account owner’s death certificatecer- tificate, along with proof of the representative’s, claimant’s ’s, or third person’s authority as the representative, claimant claimant, or creditor of the estate and identification as the estate representative claimant clai- mant or creditor. You understand If we need to seek professional advice to review any documentation provided by a representative or claimant that it is affects 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 agree that certain account ownership we may deduct all costs and survivorship features such as “multiple/joint account ownership with right expenses, including reasonable attorney fees, incurred for the review of survivorship” and “pod/trust account beneficiary/pod payee” designations, can be invalidated. Because it is that documentation from your responsibility to assure that ownership and survivorship features of your accounts accurately reflect and take into account your personal, domestic and business circumstances, and because you can change or close the account at any time, you irrevocably waive your right to make a testamentary disposition from any account at the credit union, both now and in the future. In the event of your death you authorize us to rely exclusively on the terms of Parts 1 and 2 of this contract for all transactions on the account, and for any changes to, distributions from or closure of the account.

Disbursal of Funds to Representative or Claimant. If you own have 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 or multiple owner account and have not designated any beneficiaries beneficiaries/POD payees on the account, in the event of on your death your interest in the account and the funds in the account are owned may be claimed by any surviving owner the representative of your estate (or owners of the account a claimant (subject to the terms of this agreementsuch as a creditor or relative), ) as explained in Provisions 4.a. 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)4.b. You agree that any representative or claimant of your estate is bound by the terms of this contractthe MSA. In the event of On an account owner’s death death, we may require any representative of an owner’s estate representative or other claimant to prove her or his authority with documentation as the representative of the estate or 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 the funds held in any account. Any representative of an owner’s estate or claimant 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 of an owner’s estate representative or claimant or anyone who claims an interest in funds held in a deceased owner’s account to indemnify indemnify, defend us for any losses resulting from the claim against and hold us harmless before we will release the funds to the estate representative or claimant or other personfunds. We may continue to honor all deposits, withdrawals, transfers actions and transactions on the account an account, prod- uct or service until we receive a certified copy of an account owner’s death certificatecertificate (or for multiple accounts, certified copies of all owners’ death certificates), along with proof of the representative’s, ’s or claimant’s or third person’s authority as the representative, claimant or creditor of the estate and identification as the estate representative or claimant of the estate. Every owner agrees to be responsible for legal advice we re- quire in connection with any matter concerning a claim involving an owner’s ac- counts, products, services 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 owner (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, etcplease see Provision 1.g.). Under some state laws unless you irrevocably waive your rights to make testamentary dispositions from any account, you understand Every owner also understands that certain account ownership if and survivorship features such as “multiple/joint account ownership with right of survivorship” and “pod/trust account beneficiary/pod payee” designations, can be invalidated. Because it is your responsibility to assure that ownership and survivorship features of your accounts accurately reflect and take into account your personal, domestic and business circumstances, and because you can change or close the account at any time, you irrevocably waive your right to make when we honor a testamentary disposition from any account at the credit union, both now and in the future. In the event of your death you authorize us to rely exclusively claim made on the terms of Parts 1 funds in an owner’s ac- counts, we may do so by issuing our check payable to the deceased owner’s estate. Alternatively, 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 Provision 21.b.). Finally, every owner understands and 2 of this contract for all transactions on the account, and agrees that if an owner owes us money for any changes toreason, distributions from the funds held in an owner’s accounts or closure otherwise may be used to repay the owner’s obligations to us before any funds are distributed to the representative of the accountestate or claimant.