Common use of Individual Account Clause in Contracts

Individual Account. An individual account is an account owned by one depositor, including an individual, corporation, partnership, trust, or other organization qualified for Credit Union membership. If the account is an individual account, the interest of a deceased individual owner will pass, subject to applicable law, to the decedent’s estate or payable on death (POD) beneficiary, if applicable.

Individual Account. An individual account is an account owned by one depositor, including an (1) member (individual, corporation, partnership, trust, trust or other organization organization) qualified for Credit Union credit union membership. If the account is an individual accountowner dies, the interest of a deceased individual owner will passpasses, subject to applicable law, to the decedentaccount owner’s estate or payable on death (POD) beneficiary, if applicablesubject to other provision of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death and to any security interest or pledge granted by the account owner and subject to our statutory lien rights.