Multiple Party Account Liability Clause Samples
The Multiple Party Account Liability clause defines the responsibilities and obligations of each party who holds or has access to a joint account. In practice, this clause typically states that all account holders are jointly and severally liable for any debts, overdrafts, or obligations arising from the use of the account, regardless of which party initiated the transaction. This ensures that the financial institution can seek repayment from any or all account holders, thereby reducing the risk of non-payment and clarifying the extent of each party's liability.
Multiple Party Account Liability. If a deposited item in a multiple party account is returned due to insufficient funds, the account is overdrawn, or a final payment is not made on a transaction, the owners, jointly and individually, are responsible for reimbursing us the amount of the returned item, overdraft, or unpaid item and any fees that may be assessed, no matter who approved or initiated the transaction. We may exercise our rights against any account of any owner and any funds in the multiple party account to obtain reimbursement from any account owner indebted to us, regardless of who contributed such funds to the account.
Multiple Party Account Liability. If a deposited item in a multiple party account is returned due to insufficient funds, the account is overdrawn, or a final payment is not made on a
Multiple Party Account Liability each individual account owner individually guarantees absolutely and unconditionally the prompt payment when due and performance when required of all obligations of the other joint account owner(s) under this Membership and Account Agreement. if a deposited item in a joint account is returned unpaid, an account is overdrawn, if we do not receive final payment on a transaction, or if any loss is at any time sustained as a result of any of your account transactions, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, loss, or unpaid amount and any account charges or fees, regardless of which owner initiated or benefited from the transaction. if any account owner is indebted to us, we may enforce our rights against any account of any joint owner or all funds in the joint account regardless of who contributed them. We may issue AtM or Debit/check cards or devices to any account owner who requests them. All account owners are jointly and severally liable for all account activity related to such transaction devices regardless of which owner(s) holds the card(s) and regardless of which owner initiated or benefited from the card transaction(s).