Common use of Payable on Death Designations Clause in Contracts

Payable on Death Designations. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, and upon the death of the last account owner, is payable to named and surviving beneficiary(ies) designated in writing by you on forms approved by us; and pursuant to applicable laws; unless subject to our right of off set or a pledge of the funds in the account(s), in which case all sums in the account(s) will belong to us up to the amount of the obligation(s) owed. Only the primary account holder, during his or her lifetime, may change any designated beneficiary by written direction to us. If any beneficiary is not of legal age at the time the account(s) are to be paid to beneficiaries hereunder, then said amounts will be paid to the legal guardian of such beneficiaries or as otherwise allowed by applicable law. If all named POD beneficiaries pre-decease the owner(s) the applicable funds shall be paid to the estate of the last surviving owner. We are not obligated to notify any beneficiary of the existence of any account or the vesting of any beneficiary’s interest in any account, except as otherwise required by law.

Payable on Death Designations. Payable on Death (“POD”) accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, ; and upon the death of the last account owner, is payable to named and surviving the beneficiary(ies) designated in writing by you on forms approved by us; your Account Card and pursuant to applicable laws; , unless subject to our right of set-off set or a pledge of the funds in the account(s), ) in which case all sums in the account(s) will belong to us up to the amount of the obligation(s) owed. Only the primary account holder, during his or her During their lifetime, either owner may change any designated beneficiary by written direction to us. If any beneficiary is not of legal age at the time the account(s) are to be paid to beneficiaries hereunder, then said amounts will be paid to the legal guardian of such beneficiaries or as otherwise allowed by applicable law; and upon such payment you agree that we are released from any and all claims and obligations and shall be indemnified per the provisions of paragraph 45 below. If all named POD beneficiaries pre-pre- decease the owner(s) ), the applicable funds shall be paid to the estate of the last surviving owner. We are not obligated to notify any beneficiary of the existence of any account or It is further agreed that upon the vesting of any beneficiary’s interest in any account, except as otherwise required by lawrights of a POD beneficiary all sums payable shall be subject to any right of set-off between us and the POD beneficiary.

Payable on Death Designations. This provision applies only to Consumer accounts. Payable on Death (“"POD”") accounts are governed by your agreements with the Credit Union and applicable state law. A POD account instructs us that the designated account is payable to the owner(s) during their lifetimes, and upon the death of the last account owner, is payable to named and surviving the beneficiary(ies) designated in writing by you on forms approved by us; your Account Agreement/Signature Card and pursuant to applicable laws; unless subject to our right of set-off set or a pledge of the funds in the account(s), in which case all sums in the account(s) will belong to us up to the amount of the obligation(s) owed. Only the primary account holderEither owner, during his or her their lifetime, may change any designated beneficiary by written direction to us. If any beneficiary is not of legal age at the time the account(s) are to be paid to beneficiaries hereunder, then we may in our discretion pay said amounts will be paid to the any one parent or legal guardian of such beneficiaries or as otherwise allowed by applicable law; and upon such payment you agree that we are released from any and all claims and obligations and shall be indemnified per the provisions of Section 43 below. If all named POD beneficiaries pre-decease the owner(s) the applicable funds shall be paid to the estate of the last surviving owner. We are not obligated to notify any beneficiary of the existence of any account or It is further agreed that upon the vesting of any beneficiary’s interest in any account, except as otherwise required by lawrights of a POD beneficiary all sums payable shall be subject to any right of set-off between us and the POD beneficiary.