Common use of JOINT APPLICANT LIABILITY Clause in Contracts

JOINT APPLICANT LIABILITY. In the event this Agreement is executed by someone in addition to you, it is further agreed that the terms “you” and “your” as used herein shall refer to you collectively and that each of you shall be jointly and individually liable to the Credit Union for all charges made to the account, including applicable fees. In addition, you agree that each of you designates the other as agent for the purpose of making purchases extended under this Agreement and each use of your account shall be an extension of credit to all. Notice to one of you shall constitute notice to all. Any joint applicant may remove himself/herself from responsibility for future purchases at any time by notifying the Credit Union in writing. However, removal from the account does not release any joint applicant from liability already incurred.