Common use of Joint Account Clause in Contracts

Joint Account. 4.1 Each joint account holder agrees that each joint holder has authority, without notice to the other, to (pursuant to Admiral’s consent): a) buy/sell securities; b) receive account confirmations and correspondence; c) receive and dispose of money, securities or other assets; d) enter, terminate, or agree to modify this Agreement; e) waive any part of this Agreement; and f) deal with Admiral as if each joint holder was the sole holder. 4.2 Each joint account holder agrees that notice to any joint holder constitutes notice to all joint holders. Each joint account holder is jointly and severally liable to Admiral for all account matters. Admiral may follow instructions of any joint holder and make delivery of any account property to any joint account holder individually. 4.3 Upon death of any joint holder, the surviving holder shall give Admiral notice. Admiral may, before or after notice, initiate proceedings, require documents, retain assets and/or restrict transactions as we deem advisable to protect ourselves against any liability or loss. The estate of any deceased joint account holder shall be liable and each survivor will be liable, jointly and severally, to Admiral for any debt or loss in the account or upon liquidation of the account. Unless any joint account holder indicates otherwise, Admiral may presume that account holders are joint tenants with a right of survivorship. Should a joint holder pass away, the account shall be vested in the surviving holders, without releasing the deceased joint holder's estate from liability.