Common use of Rights of Survivorship Clause in Contracts

Rights of Survivorship. 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). In the event that the account is an individual account, or upon the death of the last joint account owner, the interest of the deceased owner will pass to the decedent’s estate unless a Payable on Death beneficiary (POD) has been properly designated or unless we are required to remit the interest of deceased owner to someone else by law. Unless otherwise stated on the Membership and Services Application, or unless otherwise required by law or the terms of this Agreement, a joint account owned by individuals is an account with rights of survivorship, and the interest of a deceased owner will pass to the surviving owner(s). A surviving owner’s interest on an account is subject to the Credit Union’s contractual and/or statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. The rights of a joint owner will always supersede the rights of any designated Payable on Death beneficiaries.

Rights of Survivorship. 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). In the event that the account is an individual account, or upon the death of the last joint account owner, the interest of the deceased owner will pass to the decedent’s estate unless a Payable on Death beneficiary (POD) has been properly designated or unless we are required to remit the interest of deceased owner to someone else by law. Unless otherwise stated on the Membership and Services Application, or unless otherwise required by law or the terms of this Agreement, a joint account owned by individuals is an account with rights of survivorship, and the interest of a deceased owner will pass to the surviving owner(s). A surviving owner’s interest on an account is subject to the Credit Union’s contractual and/or statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. The rights of a joint owner will always supersede the rights of any designated Payable on Death beneficiaries.