Common use of Multiple-Party Account Without Right of Survivorship Clause in Contracts

Multiple-Party Account Without Right of Survivorship. An Account will be a Multiple-Party Account without Right of Survivorship if you have so indicated, or if any such instrument otherwise fails to expressly indicate that the Account is held jointly with right of survivorship. On the death of a Party, the Party’s ownership of the Account passes as a part of the Party’s estate under the Party’s will or by the law governing the estate of a person who dies without a valid will. The interest of the surviving Owner(s) is subject to any lien the Credit Union has for a deceased Party's obligations and any security interest the deceased Party gave in the Account funds, regardless of whether the surviving Owner(s) consented to the security interest.