Common use of Ownership and Account Structures Clause in Contracts

Ownership and Account Structures. When you open an Account, the Account will be opened under one of the following ownership structures. You agree that when you set up an Account with us, you have instructed us as to the proper title of the Account and that we assume no legal responsibility to inform you as to how the structure of an Account affects your legal and insurable interests. If you have any questions as to the legal effect of any of these Accounts, you will consult with your lawyer and bear the sole responsibility as to the legal effect of the creation of the Account or how we maintain it. In opening any of the account types described below in sections 4(a) through 4(k), BECU acts only as a depository for funds, and is under no obligation to act as a fiduciary or to inquire as to the powers or duties of any Estate Representative, administrator, custodian, representative payee, guardian, or other authorized Account representative (collectively, “authorized Account representatives”). Authorized Account representatives agree to be liable to BECU for any and all obligations incurred by any actions dealing with the Account and agree to indemnify BECU and hold it harmless from and against any and all loss, costs, damage, liability, or exposure, including reasonable attorney fees, that we may suffer or incur arising out of or related to any action or claim by any party with respect to the authority or actions taken by the trustees in handling or dealing with the Account. Unless expressly stated to the contrary, all the other terms and conditions of the Account Agreements apply with equal force to each of the account types described below.