Common use of Multiple Owner Accounts Clause in Contracts

Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal rights to conduct all transactions on the account. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies his or her interest in the account and the funds in the account are owned by the surviving owner or owners of the account (subject to the terms of this agreement). Upon the death of the final account owner the funds in the account belong to that owner’s legal representative (subject to the terms of this agreement). Alternatively, you can designate a specific person or persons or entity as a beneficiary(s)/pod payee(s) for your multiple owner account in Part 1 of this contract. In the event of the final account owner’s death, the beneficiary(s)/pod payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, each will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and make any changes to the account. Beneficiary/pod payee designations made on Part 1 of this contract do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations. Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future services. Any account owner may sign and guarantees the signature of any and all other owners on the account for all transactions. Each owner understands that any owner acting alone may change or close the account, and that his or her signature on Part 1 of this contract confirms his or her agreement to any subsequent change made to the account by any other owner on the account. While any account owner may change or close the account acting alone, we will require all account owners to consent in writing to the addition or removal of any owner on the account (or the addition or removal of any agent to the account). All account owners agree that we have no duty to notify the account owners of the transactions engaged in, or changes to or closure of the account, by any account owner acting alone. All account owners, both alone and together, are liable for all transactions on, changes to and closure of the account, and for any charges, fees, losses or liabilities incurred with respect to any transaction on, changes to or closure of the account regardless of which owner conducted or benefited from the transaction, change or closure. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner is an owner, regardless of which owner deposited the funds in the account.

Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal All Multiple Owner Accounts (except IRA accounts) are joint accounts with rights to conduct all transactions on the account. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies his or her interest in the account and the funds in the account are owned , not tenancies by the surviving owner entireties or owners of the account (subject to the terms of this agreement)tenancies in common. Upon the death of an Owner, that person’s interest will pass to the final account owner surviving Owner(s). If there are two or more surviving Owners, the Account will be Joint with rights of survivorship, not held as tenancies by the entireties or tenancies in common. Any Owner of a Multiple Owner Account is authorized and deemed to be the agent of all Owners(s) and may act for the other Owner(s). The Credit Union may accept orders and instructions from any Owner. Each Owner guarantees the signatures of the other Account Owners. Any Account Owner may withdraw all funds in the account belong to that owner’s legal representative (subject Account, stop payment on Items drawn on an Account, transfer, or pledge to the terms Credit Union all or any part of this agreementthe shares of any Account without the consent of the other Account Owner(s) with the Credit Union having no duty in such event to notify any other Account Owner(s). AlternativelyAny such pledge shall survive your death and shall be superior to the rights of any other Account Owner(s). Any Multiple Account Owner may be authorized to remove any and all other Joint Owner(s) from ownership. The Joint Owner(s) so removed from this Account shall have no interest, you can designate rights, or privileges in and to the Account or assets thereof. To be binding, such revocation may be required to be in writing and in a specific person form acceptable to us. The Credit Union reserves the right at any time to require written consent of all Account Owners for a change of ownership or persons termination of a Multiple Owner Account. At any time the Credit Union may choose to advise the Joint Owner(s) being removed as to the situation, including such notification after removal; but the Credit Union is under no obligation to notify Joint Owner(s). If any Item deposited in a Multiple Owner Account is returned unpaid, an Account is overdrawn, or entity as a beneficiary(s)/pod payee(s) for your multiple owner account in Part 1 of this contract. In the event if we do not receive final payment on any transaction, each of the final account owner’s deathMultiple Owner Account owners is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and for any charges; regardless of which of you created the overdraft, deposited or charged the item, or benefited from the transaction(s). If any Account Owner is indebted to the Credit Union, the beneficiary(s)/pod payee(s) will be entitled to the funds in the Credit Union may enforce its rights against any account (subject to the terms of this agreement) upon proof of death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, each will be entitled to his an Owner or her (or its) proportionate share all of the funds in the account (which will be determined by dividing multiple party account, regardless of who contributed such funds. Furthermore, the Credit Union may charge the amount of the funds in negative balance against any other account from which any of the Account Owners is entitled to withdraw or charge such negative account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility balance as an advance pursuant to notify us and make any changes to the account. Beneficiary/pod payee designations made on Part 1 of this contract do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations. Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future services. Any account owner may sign and guarantees the signature existing loan of any and all other owners on Multiple Account Owner to satisfy the account for all transactions. Each owner understands that any owner acting alone may change or close the account, and that his or her signature on Part 1 of this contract confirms his or her agreement negative condition pursuant to any subsequent change made to credit agreement any Multiple Account Owner has with the account by any other owner on the account. While any account owner may change or close the account acting alone, we will require all account owners to consent in writing to the addition or removal of any owner on the account (or the addition or removal of any agent to the account). All account owners agree that we have no duty to notify the account owners of the transactions engaged in, or changes to or closure of the account, by any account owner acting alone. All account owners, both alone and together, are liable for all transactions on, changes to and closure of the account, and for any charges, fees, losses or liabilities incurred with respect to any transaction on, changes to or closure of the account regardless of which owner conducted or benefited from the transaction, change or closure. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner is an owner, regardless of which owner deposited the funds in the accountCredit Union.

Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal rights to conduct all transactions on on, initiate, change, add, close and/or terminate the accountaccount and/or related services. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies dies, his or her interest in the account and the funds in the account are owned by the surviving owner own- er or owners of the account (account, subject to the terms of this agreement)Agreement. Upon the death of the final account owner the funds in the account belong to that owner’s estate and can be claimed by that owner’s legal representative (or claimant subject to the terms of this agreement)Agreement. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) with us. Alternatively, you can designate desig- nate a specific person or persons or entity organization(s) as a beneficiary(s)/pod beneficiary(s)/Payable on Death payee(s) for (POD payees) on your multiple owner account in Part 1 of this contractAgreement. In the event of Upon the final account owner’s death, the beneficiary(s)/pod beneficiary(s)/POD payee(s) will be entitled to the funds in the account (subject to the terms of this agreementAgreement) upon proof of death and the beneficiary’s/pod POD payee’s identification. If you designate more than one beneficiary/pod POD payee on the account, each will be entitled to his or her (or its) proportionate equal share of the funds in the account (account, which will be determined by dividing divid- ing the amount of the funds in the account by the number of beneficiaries/pod payees POD pay- ees designated on the account), and will own those funds without right of survivorshipsurvivorship (which means that the deceased beneficiary’s/POD payee’s share of the funds in the account would go to his or her estate). You understand that it is your responsibility (and not ours) to inform any person or organization that he, she or it is a benefi- ciary/POD payee on your account(s). If a beneficiary/pod POD payee predeceases on the account dies before you, it is your responsibility to notify us and make any changes to the account. BeneficiaryPlease be aware that your beneficiary/pod POD payee designations made on Part 1 of this contract Agreement do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations. Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future additional accounts or services. Any account owner may sign and guarantees the signature of any and all other owners on the account for all transactions. Each owner understands that any owner acting alone may change initiate, change, add, close or close terminate the accountaccount and/or a service, and that his or her signature on Part 1 of this contract Agreement or continued use of an account or service (or receipt or availability of a periodic state- ment) confirms his or her agreement to any subsequent change made to the later initiation, change, addition, closure or termination of an account and/or service by any other owner on the account. While any account owner may change initiate, change, add, close or close terminate the account and/or a service acting alone, we will may require all account owners to consent in writing to the addition or removal of any owner on the account (to or the addition or removal of any agent to from the account). All account owners agree that we have no duty to notify the account owners own- ers of the transactions engaged inaccount of any transaction, initiation, change, addition, closure or changes to termination of an account or closure of the account, service by any account owner acting alone. If you request us to place an owner on an account who has not signed the Part 1 account form (or other form we use), you agree that person is an owner of the account who may conduct transactions, initiate, change, add, close or terminate accounts and services according to this Agreement. All account owners, both alone and together, are liable for all transactions ontransactions, changes to and initiations, xxxxx- es, additions, closure or termination of the accountan account or service, and for any charges, fees, losses or liabilities incurred with respect to for any transaction ontransaction, changes to initiation, change, addition, closure or closure termination of the an account or service regardless of which owner conducted or benefited from the transaction, change initiation, change, addition, closure or closuretermination. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner person is an owner, regardless of which owner deposited the funds in the account.

Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal rights to conduct all transactions on the account. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies dies, his or her interest in the account and the funds in the account are owned by the surviving owner or owners of the account (account, subject to the terms of this agreement)Contract. Upon the death of the final account owner the funds in the account belong to that owner’s legal representative (representa- tive or claimant subject to the terms of this agreement)Contract. Alternatively, you can designate a specific person or persons or entity organization(s) as a beneficiary(s)/pod beneficiary(s)/Payable on Death payee(s) for (POD payees) on your multiple owner account in Part 1 of this contractContract. In the event of Upon the final account owner’s death, the beneficiary(s)/pod beneficiary(s)/POD payee(s) will be entitled en- titled to the funds in the account (subject to the terms of this agreementCon- tract) upon proof of death and the beneficiary’s/pod POD payee’s identification. If you designate more than one beneficiary/pod POD payee on the account, each will be entitled to his or her (or its) proportionate equal share of the funds in the account (account, which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod POD payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod POD payee predeceases on the account dies before you, it is your responsibility to notify us and make any changes to the account. BeneficiaryPlease be aware that your beneficiary/pod POD payee designations made on Part 1 of this contract Contract do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate sepa- rate beneficiary designations. Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future servicesser- vices. Any account owner may sign and guarantees the signature of any and all other owners on the account for all transactions. Each owner understands that any owner acting alone may change or close the account, and that his or her signature on Part 1 of this contract Contract or continued use of an account or service confirms his or her agreement to any subsequent later change made to to, or closure of, the account ac- count by any other owner on the account. While any account owner may change or close the account acting alone, we will may require all account owners to consent in writing to the addition or removal of any owner on the account (account, or the addition or removal of any agent to the account). All account owners agree that we have no duty to notify the account owners of the account of any transactions engaged in, or changes to or closure of the account, by any account owner acting alone. All account owners, both alone and together, are liable for all transactions on, changes to and closure of the account, and for any charges, fees, losses or liabilities incurred with respect to for any transaction on, changes to or closure of the account regardless of which owner conducted or benefited from the transaction, change change, or closure. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner person is an owner, regardless regard- less of which owner deposited the funds in the account.

Multiple Owner Accounts. A multiple owner account is an account owned by two or more persons who possess equal rights to conduct all transactions on the account. Each account owner owns the multiple owner account with right of survivorship. This means that when one account owner dies dies, his or her interest in the account and the funds in the account are owned by the surviving owner or owners of the account (account, subject to the terms of this agreement)Contract. Upon the death of the final account owner the funds in the account belong to that owner’s legal representative (or claimant subject to the terms of this agreement)Contract. Alternatively, you can designate a specific person or persons or entity organization(s) as a beneficiary(s)/pod beneficiary(s)/Payable on Death payee(s) for (POD payees) on your multiple owner account in Part 1 of this contractContract. In the event of Upon the final account owner’s death, the beneficiary(s)/pod beneficiary(s)/POD payee(s) will be entitled to the funds in the account (subject to the terms of this agreementContract) upon proof of death and the beneficiary’s/pod POD payee’s identification. If you designate more than one beneficiary/pod POD payee on the account, each will be entitled to his or her (or its) proportionate equal share of the funds in the account (account, which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod POD payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod POD payee predeceases on the account dies before you, it is your responsibility to notify us and make any changes to the account. BeneficiaryPlease be aware that your beneficiary/pod POD payee designations made on Part 1 of this contract Contract do not apply to Individual Retirement Accounts (IRAs) or any account life savings insurance, which have separate beneficiary designations. Any account owner acting alone may conduct transactions on the account, and each account owner is authorized to act for all other owners on the account for all transactions on the account, or request future services. Any account owner may sign and guarantees the signature of any and all other owners on the account for all transactions. Each owner understands that any owner acting alone may change or close the account, and that his or her signature on Part 1 of this contract Contract or continued use of an account or service confirms his or her agreement to any subsequent later change made to to, or closure of, the account by any other owner on the account. While any account owner may change or close the account acting alone, we will may require all account owners to consent in writing to the addition or removal of any owner on the account (account, or the addition or removal of any agent to the account). All account owners agree that we have no duty to notify the account owners of the account of any transactions engaged in, or changes to or closure of the account, by any account owner acting alone. All account owners, both alone and together, are liable for all transactions on, changes to and closure of the account, and for any charges, fees, losses or liabilities incurred with respect to for any transaction on, changes to or closure of the account regardless of which owner conducted or benefited from the transaction, change change, or closure. If any account owner owes us money for any reason, we may enforce our rights against all funds in any account on which that account owner person is an owner, regardless of which owner deposited the funds in the account.