Common use of Representative Xxxxx Account Clause in Contracts

Representative Xxxxx Account. Social Security and/or Veterans Administration (“VA”) Accounts (“Representative Payee Account”) are opened when a protected person receives benefits but are not able to manage the funds themselves. The person appointed to manage the funds is typically called a “Representative Payee” or “VA Custodian”. The Representative Payee or VA Custodian agrees not to co-mingle any deposits or conduct any withdrawals on the Account other than those designated for the purpose of the Account. We are not liable for determining if the funds the Representative Xxxxx or VA Custodian manages are appropriate to the purpose of the Account. If the protected person dies, the Representative Payee or VA Custodian must immediately notify us and are required to stop any and all activity on the Account. If we are required to return deposits made after the death of the protected person and the Account does not have the funds to pay the required amount, we may if allowed by law, take the funds from any Account the Representative Payee or VA Custodian or the protected person owns.