Common use of Multiple Party Account Owner Liability Clause in Contracts

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 Multiplemultiple-Party party account is returned unpaid, unpaid or an account is overdrawn, or if we do not receive final payment on any transaction, each of the Multiple-Party account owners multiple- party Account Owner is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, item or unpaid amount overdraft and any charges, regardless of who created the overdraft, deposited or cashed the item item, or benefited from the transaction. If any account owner multiple-party Account Owner is indebted to the Credit UnionUnion such that the Credit Union has a lien against an account of that multiple-party Account Owner, the Credit Union may enforce its rights against any or all funds in the Multipleany account of a multiple-Party account party Account Owner regardless of who contributed the funds to the multiple-party account.