Common use of Joint or Multiple Party Account with Right of Survivorship Clause in Contracts

Joint or Multiple Party Account with Right of Survivorship. An Account will be a Joint or Multiple Party Account with Right of Survivorship if you have so elected and indicated on the Application or if any such instrument otherwise represents that the Account is held jointly with right of survivorship. All funds deposited into any such Account, including any earnings thereon, shall be owned by the parties jointly with all others who have signed the Application or other Account authorization, with right of survivorship. A survivorship designation may be ineffective unless signed by all parties to the Account. On the death of a party, all sums in the Account on the date of the death vest in and belong to the surviving party or parties as their separate property and estate, subject to any lien we have for the deceased party’s obligations to us, regardless of whether any of the surviving parties have consented.

Joint or Multiple Party Account with Right of Survivorship. An Account will be a Joint or Multiple Party Account with With Right of Survivorship if you have so elected and indicated on the Application any Membership Application, Account Authorization, or Signature Card or if any such instrument otherwise represents that the Account is held jointly with right of survivorship. All funds deposited into any such Account, including any earnings thereon, shall be owned by the parties jointly with all others who have signed the Application Application, Authorization or other Account authorizationSignature Card, with right of survivorship. A survivorship designation may be ineffective unless signed by all parties to the Account. On the death of a party, all sums in the Account on the date of the death vest in and belong to the surviving party or parties as their his or her separate property and estate, subject to any lien we have for the deceased party’s obligations to us, regardless of whether any of the surviving parties have consented.