Common use of Joint or Multiple-Party Accounts Clause in Contracts

Joint or Multiple-Party Accounts. When the Customer opens a joint account, it shall be held by Broker in joint tenancy with rights of survivorship, unless the Customer notifies the Broker otherwise and provides additional information. For tenants in common, the interest in the tenancy shall be equal, unless Broker received written instruction from each Account holder. If the Account is a joint account, the undersigned persons, jointly and severally agree to be fully and completely responsible and liable for the Account and to pay on demand any balance due. Each undersigned person, or any person authorized to act on behalf of the Account under a separate agreement, has full power and authority to make purchases and sales, withdraw funds and securities from, or to do anything else with reference to the Account. Broker is authorized and directed to act upon instructions received from each individual Account holder. Tax reporting information is processed consistent with Section 20 herein using the social security number of the person first named on a jointly held Account. Broker in its sole discretion may at any time suspend all activity in the Account pending instructions from a court of competent jurisdiction or require that instructions pertaining to the Account or the Property therein be in writing, signed by each Account owner. Broker may recover from the Account or from any Account owner such costs as Broker may incur, including reasonable attorney's fees, as the result of any dispute among Broker and Customer relating to or arising from the Account. Upon any event that causes a change in the ownership of the Account (divorce, death, assignment, etc.), all remaining account holders or survivors shall immediately notify Broker in writing. Broker may take such actions in the Account as Broker deems advisable to protect against any tax, liability, penalty or loss under any present or future laws or otherwise. The estate of the decedent or departing account holder shall be liable together with each of the remaining or surviving account holders, jointly and severally, to Broker for any net debit balance or loss in the Account in any way resulting from any transactions initiated prior to notification to Broker or incurred in the liquidation of the Account or the adjustment of the interests of the respective parties. The Customer understands that legal ownership of Accounts shall be governed by the internal laws of the state of residence. The Customer also understands that applicable laws covering joint or community property vary by state and that the Customer is responsible for verifying that the joint ownership the Customer chooses is valid in the Customer’s state. Accordingly, Broker encourages the Customer to consult their own attorney for this purpose. The Broker may, at the expense of the account holder, commence or defend any action or proceeding for or in the nature of interpleader to have any dispute among joint account holders resolved judicially. If a suit or proceeding for or in the nature of an interpleader is brought by or against it, the Broker may deliver the Account into the registry of the court, at which time the Broker will be deemed to be and will be released and discharged from all further obligations and responsibilities under this Agreement.

Joint or Multiple-Party Accounts. When the Customer opens a joint account, it shall be held by Broker in joint tenancy with rights of survivorship, unless the Customer notifies the Broker otherwise and provides additional information. For tenants in common, the interest in the tenancy shall be equal, unless Broker Xxxxxx received written instruction from each Account holder. If the Account is a joint account, the undersigned persons, jointly and severally agree to be fully and completely responsible and liable for the Account and to pay on demand any balance due. Each undersigned person, or any person authorized to act on behalf of the Account under a separate agreement, has full power and authority to make purchases and sales, withdraw funds and securities from, or to do anything else with reference to the Account. Broker Xxxxxx is authorized and directed to act upon instructions received from each individual Account holder. Tax reporting information is processed consistent with Section 20 herein using the social security number of the person first named on a jointly held Account. Broker in its sole discretion may at any time suspend all activity in the Account pending instructions from a court of competent jurisdiction or require that instructions pertaining to the Account or the Property therein be in writing, signed by each Account owner. Broker may recover from the Account or from any Account owner such costs as Broker may incur, including reasonable attorney's fees, as the result of any dispute among Broker and Customer relating to or arising from the Account. Upon any event that causes a change in the ownership of the Account (divorce, death, assignment, etc.), all remaining account holders or survivors shall immediately notify Broker in writing. Broker may take such actions in the Account as Broker Xxxxxx deems advisable to protect against any tax, liability, penalty or loss under any present or future laws or otherwise. The estate of the decedent or departing account holder shall be liable together with each of the remaining or surviving account holders, jointly and severally, to Broker for any net debit balance or loss in the Account in any way resulting from any transactions initiated prior to notification to Broker or incurred in the liquidation of the Account or the adjustment of the interests of the respective parties. The Customer understands that legal ownership of Accounts shall be governed by the internal laws of the state of residence. The Customer also understands that applicable laws covering joint or community property vary by state and that the Customer is responsible for verifying that the joint ownership the Customer chooses is valid in the Customer’s state. Accordingly, Broker Xxxxxx encourages the Customer to consult their own attorney for this purpose. The Broker may, at the expense of the account holder, commence or defend any action or proceeding for or in the nature of interpleader to have any dispute among joint account holders resolved judicially. If a suit or proceeding for or in the nature of an interpleader is brought by or against it, the Broker may deliver the Account into the registry of the court, at which time the Broker will be deemed to be and will be released and discharged from all further obligations and responsibilities under this Agreement.