Common use of Right of Survivorship Clause in Contracts

Right of Survivorship. Unless otherwise stated on the Membership Application, a joint account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner’s interest is subject to Riverside Federal Credit Union’s statutory lien for the decedent credit obligations and any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.

Right of Survivorship. Unless otherwise stated on the Membership Application, a joint account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner’s interest is subject to Riverside Radius Federal Credit Union’s statutory lien for the decedent credit obligations and any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.