Common use of POD Designations on Business Accounts Clause in Contracts

POD Designations on Business Accounts. Payable on Death account designations are generally not permitted on Business Accounts. However, in the event that a Business Account is for a sole proprietorship or an unincorporated entity under a “DBA” designation, a Payable on Death account designation shall be permitted. In the event that a Payable on Death account designation is made on a sole proprietorship account or DBA account, the administration of the account upon the death of the account owner shall be handled in accordance with paragraph 4 above.

POD Designations on Business Accounts. Payable on Death account designations are generally not permitted on Business Accountsbusiness accounts. However, in the event that a Business Account business account is for a sole proprietorship or an unincorporated entity under a “DBA” designation, a Payable on Death account designation shall be permitted. In the event that a Payable on Death account designation is made on a sole proprietorship account or DBA account, the administration of the account upon the death of the account owner shall be handled in accordance with paragraph 4 above.