Common use of Payable on Death Account Clause in Contracts

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified account.

Payable on Death Account. You may A Payable on Death (POD) Account is established in order to designate any surviving POD beneficiary/payee of an individual or joint account Account, excluding IRA Accounts. For joint accounts with rights of survivorship, upon the death of one owner, the funds belong to be “payable on death” to a beneficiary by completing forms and providing documentation we request from youthe surviving owner(s) of the account. No rights in an account with a payable on Upon the death designation vest of the final owner, the funds remaining in the designated beneficiaries account, if any, belong to the named POD beneficiary(ies); i.e., any remaining funds will not be disbursed to any beneficiary until the death of all account owners. Account benefits pass to beneficiaries, without rights of survivorship. We are not required to inform the beneficiary of the establishment of any such account owner. During or his or her lifevesting interest in any account, unless required by law. If no person designated as a POD beneficiary is living at the time of the death of the last surviving owner, the account owner reserves shall be considered part of the right to: (1) change owner’s estate. You may establish a revocable trust Account for one or more beneficiaries. As the designated beneficiariestrustee of the Account, (2) you can withdraw from or close the Account, change account types, and (3) withdraw all or part of change the funds in the account at any time and from time to timebeneficiary(ies). If two or more people of you create such an accountAccount as named trustees, they own you hold the account as joint tenants Account jointly with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) Beneficiaries or their legal representative cannot withdraw unless all account holders creating the account die, trustees die and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if If two or more beneficiaries are named and survive the death of all persons creating the accounttrustees, such beneficiaries will own this account as tenants Account in commonequal shares, without right of survivorship. Upon If no beneficiary is living at the time of the death of the last surviving account ownertrustee, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to proceeds of the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds Account vest in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives estate of the last surviving account ownertrustee. Changes Custodian Accounts are subject to the Michigan Uniform Transfers to Minors Act. You may deposit or transfer money into a custodian Account. The transfer to the minor is not revocable. You may name yourself or another adult as custodian and may appoint a successor custodian. Generally, the custodian is authorized to handle this Account on behalf of the minor child until the minor child reaches 18 years of age, at which time the custodian shall transfer the property to the minor. Funds in this Account may not be pledged as security for any purpose. Any action that the designated beneficiaries custodian takes, including withdrawals from this Account, must be made on such forms in the capacity as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified accountcustodian.

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified account.

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiariesbenefi- ciaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more of people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries prior to distributing the funds in the account. We reserve the right to require a claim request from all the designated beneficiaries to execute our Payable on Death Beneficiary Claim and Indemnity Agreement prior to distributing the funds in the accountpayment. We are not liable for any other erroneous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes and replaces any prior payable on death designation for the specified account.

Payable on Death Account. You may designate an individual or joint account to be “payable on death” to a beneficiary by completing complet- ing forms and providing documentation we request from you. No rights in an account with a payable on death designation vest in the designated beneficiaries benefi- ciaries until the death of the account owner. During his or her life, the account owner reserves the right to: (1) change the designated beneficiaries, (2) change account types, and (3) withdraw all or part of the funds in the account at any time and from time to time. If two or more of people create such an account, they own the account as joint tenants with the right of survivorship. A designated beneficiary benefi- ciary acquires the right to the account only if: (1) all account holders creating the account die, and (2) the beneficiary is then living. Unless otherwise provided pro- vided in the beneficiary designation, if two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account as tenants in common. Upon the death of the last surviving account owner, we are entitled to pay funds in an account with a payable on death designation to the then-surviving designated beneficiaries and are not liable to the person(s) establishing the account, their heirs, representatives or assigns or to any other person by reason of any such payment. We reserve the right to require a claim request from all beneficiaries beneficia- xxxx prior to distributing the funds in the account. We reserve the right to require a claim request from all the designated beneficiaries to execute our Payable on Death Beneficiary Claim and Indemnity Agreement prior to distributing the funds in the accountpayment. We are not liable for any other erroneous erro- neous payment unless we have obtained actual knowledge that the person to whom the payment is to be made is not one of the designated beneficiariesbenefi- ciaries. If no designated beneficiary is living when the last surviving account owner dies, funds in the account will be paid to the legal representatives of the last surviving account owner. Changes in the designated beneficiaries must be made on such forms as we require. The most recent beneficiary designation we have received terminates, supersedes super- sedes and replaces any prior payable on death designation for the specified account.