Common use of Multiple Party Accounts Clause in Contracts

Multiple Party Accounts. Any or all owners can make deposits or withdrawals regardless of contributions. Each owner guarantees the signature of all other owners and appoints all other owners as agents. We may accept orders, instructions, and requests for future services from any account owner, which shall be binding on all owners. Any individual account owner may withdraw funds, stop payment of Items/Transactions (regardless of who ordered the payment), transfer or pledge to us all or any part of the shares in any account, and block, terminate or discontinue, or close any transaction or service without the consent of the other owner(s). We have no obligation to notify the other account owner(s) of any pledge or other actions, orders, or instructions by any owner. Each owner is jointly and severally liable for all returned items, overdrafts, or any other obligations owed to the Credit Union as a result of any Transaction(s) on a multiple party account, regardless of the drawer, user, or authorized user who orders or causes said Transaction(s). Rights of Survivorship: Unless your account card specifically indicates otherwise, you agree that it is your intention to create a joint tenancy with the right of survivorship (a form of ownership) in any multiple party account and that if one or more of the multiple party owners dies, his or her interest in the account passes to the remaining owners, unless subject to our right of set-off or a pledge of the funds in the account(s), in which case all sums in the account(s) will belong to us regardless of contributions, up to the amount of the obligation(s) owed. We may not release any funds to a survivor until all required legal documents are delivered to us.

Multiple Party Accounts. Any or all owners can make deposits or withdrawals regardless of contributions. Each owner guarantees the signature of all other owners owners; and appoints all other owners as agents. We may accept orders, instructions, and requests for future services from any account owner, which shall be binding on all owners. Any individual account owner may withdraw funds, stop payment of Items/Transactions (regardless of who ordered the payment), transfer or pledge to us all or any part of the shares in any account, and block, terminate or discontinue, discontinue or close any transaction or service without the consent of the other owner(s). We have no obligation to notify the other account owner(s) of any pledge or other actions, orders, orders or instructions by any owner. Each owner is jointly and severally liable for all returned items, overdrafts, overdrafts or any other obligations owed to the Credit Union as a result of any Transaction(s) on a multiple party account, regardless of the drawer, user, user or authorized user who orders or causes said Transaction(s). Rights of Survivorship: Unless your account card specifically indicates otherwise, you agree that it is it’s your intention to create a joint tenancy with the right of survivorship (a form of ownership) in any multiple party account and that if one or more of the multiple party owners dies, his or her interest in the account passes to the remaining owners, ; unless subject to our right of set-off or a pledge of the funds in the account(s), in which case all sums in the account(s) will belong to us regardless of contributions, up to the amount of the obligation(s) owed. We may not release any funds to a survivor until all required legal documents are delivered to us.