Common use of Joint Account Clause in Contracts

Joint Account. An account maintained by two (or more) persons is a joint account with the right of survivorship, which means that on the death of one of the depositors, the remaining depositor(s) is entitled to the entire account. Either of you can control the account as if it were your own. All deposits and any additions such as interest shall become the property of each of you as joint tenants. Each of you authorizes the other to deposit checks payable to either of you or to both of you jointly to your account with or without an endorsement. If a deposited item is returned unpaid, each of you is liable to the Bank for the full amount regardless of who deposited or cashed the item. The Bank may accept instructions regarding the account from either of you without liability to the other joint tenant. If the Bank receives legal process against either of you individually, it may be required to remit all of the funds held in the joint account to a third-party judgment creditor. The Bank is authorized by both of you to charge the joint account up to the full balance in the account to satisfy any debt (including an overdraft on any other account, or a lien or set off) owed to the Bank or third-party judgment creditor by either of you, even though only one of you is liable for the amount or caused or benefited from the overdraft, and we do not determine net contributions to the account. If either of you provides the Bank with a signed written request not to pay or release any funds in the account, the Bank may require the written authorization of both of you before paying or releasing any funds from the account. Upon the death of either of you, the Bank may treat the account as the sole property of the survivor. In such event, the Bank may, at its option, honor checks or other withdrawal requests from the survivor. However, the Bank may require the survivor to produce certain legal documents releasing the funds on deposit.

Joint Account. An account maintained by two (or more) persons is a joint account with the right of survivorship, which means that on the death of one of the depositors, the remaining depositor(s) is entitled to the entire account. Either of you can control the account as if it were your own. All deposits and any additions such as interest shall become the property of each of you as joint tenants. Each of you authorizes the other to deposit checks payable to either of you or to both of you jointly to your account with or without an endorsement. If a deposited item is returned unpaid, each of you is liable to the Bank for the full amount regardless of who deposited or cashed the item. The Bank may accept instructions regarding the account from either of you without liability to the other joint tenant. If the Bank receives legal process against either of you individually, it may be required to remit all of the funds held in the joint account to a third-party third‐party judgment creditor. The Bank is authorized by both of you to charge the joint account up to the full balance in the account to satisfy any debt (including an overdraft on any other account, or a lien or set off) owed to the Bank or third-party third‐party judgment creditor by either of you, even though only one of you is liable for the amount or caused or benefited from the overdraft, and we do not determine net contributions to the account. If either of you provides the Bank with a signed written request not to pay or release any funds in the account, the Bank may require the written authorization of both of you before paying or releasing any funds from the account. Upon the death of either of you, the Bank may treat the account as the sole property of the survivor. In such event, the Bank may, at its option, honor checks or other withdrawal requests from the survivor. However, the Bank may require the survivor to produce certain legal documents releasing the funds on deposit.