Common use of Individual Ownership Accounts Clause in Contracts

Individual Ownership Accounts. An individual account is an account in which only one natural person has a present ownership interest. However, another individual can sign on behalf of an account holder by providing the Bank with proper documentation in the form of special instructions or a durable power of attorney granted by the account owner. The Bank is authorized to credit to the account items payable to the account owner without endorsement.

Individual Ownership Accounts. An individual account is an account in which only one natural person has a present ownership interest. However, another individual can sign on behalf of an account holder accountholder by providing the Bank with proper documentation in the form of special instructions or a durable power of attorney granted by the account owner, and any other documents required by the Bank. The Bank is authorized to credit to the account items payable to the account owner without endorsement.

Individual Ownership Accounts. An individual account is an account in which only one natural person has a present ownership interest. However, another individual can sign on behalf of an account holder by providing the Bank with proper documentation in the form of special instructions directions or a durable power of attorney granted by the account owner. The Bank is authorized to credit to the account items payable to the account owner without endorsement.