Common use of Multiple Party Account Owner Liability Clause in Contracts

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