Multiple Party Account Owner Liability. If a deposited item in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefited from the transaction.
Multiple Party Account Owner Liability. If a deposited item in a multiple-party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a trans- action, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If one or more owners owe the Credit Union money that is due, we can, to the extent permitted by law, enforce our rights against any account of an owner, or all funds in the multiple-party accounts, regardless of who contributed them. PAYABLE ON DEATH (POD)/TRUST ACCOUNT DESIGNATIONS A POD account or trust account designation is an instruction to the Credit Union that a single or multiple-party account so designated is payable to the owner(s) during his, her or their lifetimes and, when the last account owner dies, payable to any named and surviving POD or trust beneficiary/payee. Accounts payable to more than one surviving beneficiary/ payee are owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/payee designation shall not apply to Individual Retirement Ac- counts (IRAs), which are governed by a separate beneficiary/payee designation. We are not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee interest in any account, except as otherwise provided by law. ACCOUNTS FOR MINORS We may require any account established by a minor to be a multiple-party account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transac- tion. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. UNIFORM TRANSFERS/GIFTS TO MINORS ACCOUNT A Uniform Transfers/Gifts to Minors Account (UTTMA/UGMA) is an individual account creat- ed by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the excl...
Multiple Party Account Owner Liability. If any item deposited in a joint account is returned unpaid or an account is overdrawn, each of the joint account owners is jointly and severally liable to the Credit Union for the amount of the returned item or overdraft and any charges, regardless of who created the overdraft, deposited or cashed the item or benefited from the transaction. If any joint owner is indebted to the Credit Union such that the Credit Union has a lien against an account of that joint owner, the Credit Union may enforce its rights against any or all funds in the joint account regardless of who contributed the funds to the joint account.
Multiple Party Account Owner Liability. If any item deposited in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each of the multiple party account owners is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who created the overdraft, deposited or cashed the item, or benefited from the transaction. If any account owner is indebted to the Credit Union, the Credit Union may enforce its rights against any or all funds in the multiple party account regardless of who contributed the funds to the account.
Multiple Party Account Owner Liability. If any item deposited in a Multiple-Party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each of the Multiple-Party account owners is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who created the overdraft, deposited or cashed the item or benefited from the transaction. If any account owner is indebted to the Credit Union, the Credit Union may enforce its rights against any or all funds in the Multiple-Party account regardless of who contributed the funds to the account.
Multiple Party Account Owner Liability. If a deposited item in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to us, we may enforce our rights against any account of an owner or all funds in the multiple party account regardless of who contributed them. Accounts for Minors We may require any account established by a minor to be a multiple party account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority unless authorized in writing by all account owners. Rights of Survivorship Unless otherwise stated on the Account Card, a multiple party account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner’s interest is subject to our statutory lien for the deceased owner’s obligations and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
Multiple Party Account Owner Liability. If a deposited item in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If any account owner is indebt- ed to us, we may enforce our rights against any account of an owner or all funds in the multiple party account regardless of who contributed them. Removal of a party from an account does not affect the party’s obligations on any loans or debts. 4.
Multiple Party Account Owner Liability. If a deposited item in a multiple party account is returned unpaid, and the account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefitted from the transaction. If any account owner is indebted to us, we may enforce our rights against any account of an owner or all funds in the multiple party accounts regardless of who contributed them. PAYABLE ON DEATH ACCOUNT (POD). A Payable-on-Death (POD) account designation is an instruction to us that a single owner or joint owner account so designated is payable to the owner(s) during his, her, or their lifetimes and, when the last account owner dies, payable to any named beneficiary(ies). Prior to the death of the owner(s) of the account, the beneficiaries shall have no right or interest in the account, and shall not be authorized to withdraw any funds from the account or to sign any drafts. POD accounts created after January 1, 2008, are subject to the provision of revised Section 2025 of Title 6 of the Oklahoma Statutes. Under these revisions, account owners are permitted to designate one or more individuals, trusts, or tax exempt nonprofit organizations as the primary beneficiary of the account upon the death of all owners. If only one individual is designated as a primary beneficiary, one or more contingent beneficiaries may be designated on the account. The funds in the account will be distributed upon the death of an individual owner or the death of the last surviving owner if the account is jointly held. The person(s) creating a POD account type reserves the right to: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the deposit at any time. COURT ORDERED ACCOUNTS. The court order will direct us how the account will be set up. A certified or filed copy of the Order is required to be submitted to us. FIDUCIARY ACCOUNTS. Executors, administrators, conservators, personal representatives, or guardians under court orders or documents may open an account as a fiduciary. We may require evidence of the authority of the person or persons to act, such as a copy of the court order appointing the fiduciary, letters of testamentary or letters of administration, to verify that the person (or persons) opening the account is the designated fiduciary, what his or her powers are, what the provisions for s...
Multiple Party Account Owner Liability. If a deposited item in a multiple-party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If one or more owners owe the Credit Union money that is due, we can, to the extent permitted by law, enforce our rights against any account of an owner, or all funds in the multiple-party accounts, regardless of who contributed them. PAYABLE ON DEATH (POD)/TRUST ACCOUNT DESIGNATIONS ACCOUNTS FOR MINORS UNIFORM TRANSFERS/GIFTS TO MINORS ACCOUNT AGENCY DESIGNATION ON AN ACCOUNT
Multiple Party Account Owner Liability. If any item deposited in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each of the multiple party account owners is jointly and severally liable to United Texas for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who created the overdraft, deposited, or cashed the item or benefited from the transaction. If any account owner is indebted to United Texas, United Texas may enforce its rights against any or all funds in the multiple party account regardless of who contributed the funds to the account.
