Common use of Multiple Payees Clause in Contracts

Multiple Payees. Unless a Check or other instrument expressly indicates that it is payable to conjunctive payees, or if there is any ambiguity about multiple payees, we will treat the instrument as being payable in the alternative. For example, a Check payable to "A and B" is a conjunctive instrument, and will be paid only to the order of A and B. Examples of situations that are not expressly conjunctive or are ambiguous and include (but are not limited to) a Check (a) payable to “A or B”; (b) payable to “A, B”; (c) payable to “A/B”; and (d) where A and B are listed on separate lines. In such cases, we will treat the instrument as being payable in the alternative (to the order of either A or B).

Multiple Payees. Unless a Check or other instrument expressly indicates that it is payable to conjunctive payees, or if there is any ambiguity about multiple payees, we will treat the instrument as being payable in the alternative. For example, a Check payable to "A and B" is a conjunctive instrument, and will be paid only to the order of A and B. Examples of situations that are not expressly conjunctive or are ambiguous and include (but are not limited to) a Check (a) payable to “A or B”; (b) payable to “A, B”; (c) payable to “A/B”; and (d) where A and B are listed on separate lines. In such cases, we will treat the instrument as being payable in the alternative (to the order of either A or B).