Common use of Rights of Survivorship Clause in Contracts

Rights of Survivorship. When one owner of a multiple party account dies, all rights and available funds in the account fall to the remaining account owner(s), unless otherwise authorized in the Membership Agreement. If a surviving owner does not exist, the last deceased owner’s interest will go to his or her estate. If a surviving owner does exist, his or her share of the account is subject to any financial obligations, security interest, or pledge authorized by the decedent, even if the surviving owner did not agree to it.

Rights of Survivorship. When one owner of a multiple party account dies, all rights and available funds in the account fall to the remaining account owner(s), unless otherwise authorized in on the Membership Agreement. If a surviving owner does not exist, the last deceased owner’s 's interest will go to his or her estate. If a surviving owner does not exist, his or her share of the account is subject to any financial obligations, security interest, interest or pledge authorized by the decedentdescendant, even if the surviving owner did not agree to it.