Common use of Estate Accounts Clause in Contracts

Estate Accounts. A lawfully created estate may establish an account at the Credit Union under certain criteria. A lawfully created estate is an estate created by the order of a probate court located in Colorado, or by an out-of-state court and thereafter domiciled with a Colorado probate court through an ancillary probate filing, for the benefit of a deceased person. There are two ways that an estate can qualify to open an account at the Credit Union. First, if the deceased person was a member, or was otherwise within the Credit Union field-of-membership and eligible to become a member, then an estate account may be opened. Secondly, if all of the estate beneficiaries are currently members of the Credit Union, then an estate account may be opened. Only the persons or entities who have been designated to serve as personal representative(s) may transact business on an estate account. Any individual personal representative may act for the estate and may instruct us regarding transactions and any other account matters. If more than one personal representative is required to authorize a transaction, the estate cannot maintain an account at the Credit Union. Each personal representative jointly and severally guarantees the signature(s) and transactions performed by all other personal representative(s). Any single personal representative may individually withdraw any or all funds, stop payment on items, order checks, or engage in any other activity concerning the account without the consent of the other personal representative(s). In each such case, the act of any single personal representative is binding upon the estate and all of the other personal representative(s). We have no duty to notify any other personal representative(s) about any transactions. Xxxxx-xxxxxx account transfers may only be made in person on estate accounts.