Common use of Estate Accounts Clause in Contracts

Estate Accounts. An Estate Account is an account established by the personal representative, executor, executrix, administrator, or administratrix (“Personal Representative”) of the estate of a decedent. To establish such an account, we may require letters of appointment by the probate court of competent jurisdiction, appropriate identification, and such other documents as we may deem necessary under the circumstances. We may rely upon such letters of appointment or the apparent authority of the Personal Representative presenting the letters of appointment until we are notified in writing by the probate court that the Personal Representative has resigned, been removed, or such person’s authority is otherwise terminated. The Personal Representative agrees to comply with all applicable laws and rules of the court.