Common use of Rights of Survivorship Clause in Contracts

Rights of Survivorship. For a joint account, the existence or non-existence of rights of survivorship shall be established by designation on the Membership Application. If the Membership Application designation is “Joint account with survivorship,” then, on the death of an owner of the account, the deceased owner’s interest in the account passes to the surviving owner(s) of the account. If the designation is “Joint account - no survivorship,” then, on the death of an owner of the account, the deceased owner’s interest in the account passes as a part of that owner’s estate under the deceased owner’s will, trust, or by intestacy. If no designation is made on the Membership Application or if the designation is unclear, a multiple owner’s account includes rights of survivorship. A surviving owner’s interest is subject to the credit union’s 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. Rights of Joint Account Owners. Any joint account owner is authorized and deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account and requests for future services from any other account owner. Each account owner guarantees the signature of the other owners. Any account owner may withdraw all available funds in the account, stop payment on items drawn on an account, withdraw, or pledge all or any part of the funds of any account, including funds representing a membership share, without the consent of the other account owner(s) and the Credit Union shall have no duty to notify any other joint account owner(s). If the Credit Union receives written notice of a dispute between account owners or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, require a court order to act, or require that all joint account owners agree in writing to any transaction concerning the account.

Rights of Survivorship. For a joint account, the existence or non-existence of rights of survivorship shall be established by designation on the Membership Application. If the Membership Application designation is “Joint account with survivorship,” then, on the death of an owner of the account, the deceased owner’s interest in the account passes to the surviving owner(s) of the account. If the designation is “Joint account - no survivorship,” then, on the death of an owner of the account, the deceased owner’s interest in the account passes as a part of that owner’s estate under the deceased owner’s will, trust, or by intestacy. If no designation is made on the Membership Application or if the designation is unclear, a multiple owner’s account includes rights of survivorship. A surviving owner’s interest is subject to the credit unionCredit Union’s 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. Rights of Joint Account Owners. Any joint account owner is authorized and deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account and requests for future services from any other account owner. Each account owner guarantees the signature of the other owners. Any account owner may withdraw all available funds in the account, stop payment on items drawn on an account, withdraw, or pledge all or any part of the funds of any account, including funds representing a membership share, without the consent of the other account owner(s) and the Credit Union shall have no duty to notify any other joint account owner(s). If the Credit Union receives written notice of a dispute between account owners or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, require a court order to act, or require that all joint account owners agree in writing to any transaction concerning the account.

Rights of Survivorship. For Unless your Membership Application and Signature card specifically indicates otherwise, you agree that it's your intention to create a joint account, tenancy with the existence or non-existence of rights right of survivorship shall be established by designation on the Membership Application. If the Membership Application designation is “Joint (a form of ownership) in any multiple party account with survivorship,” then, on the death of an owner and if one or more of the accountmultiple party owners dies, the deceased owner’s his or her interest in the account passes to the surviving owner(sremaining owners; unless subject to our right of set-off or a pledge of the funds in the account(s), in which case all sums in the account(s) will belong to us regardless of contributions, up to the amount of the obligation(s) owed. We may not release any funds to a survivor until all required legal documents are delivered to us. All joint accounts are governed by North Carolina General Statute 54-109.58. All joint accounts shall be held by the owners as co-owners with the right of survivorship, regardless of which owner deposited the funds or whose money was deposited. Each joint owner has the right to withdraw any or all of the funds in the account and/or close the account, without the knowledge or consent of any other joint owner. We may pay the funds in the account to, or on the order of, any of the joint owners named on the account. If the designation is “Joint account - no survivorship,” then, on Upon the death of one joint owner, the funds remaining in the account will belong to the surviving joint owners and will not pass to the heirs of the deceased joint owner or be controlled by the deceased joint owner’s will. Each joint owner appoints each of the other joint owners as his or her agent to deposit, withdraw and conduct any business on the joint account, including pledging the account. Each joint owner guarantees the signatures of the other joint owners and authorizes the other joint owners to endorse and deposit checks, drafts, or other payment orders that are payable to any of the joint owners into the joint account. Any joint owner may appoint an owner of attorney-in-fact for the account, but we reserve the deceased right to require the consent of all joint owners. You agree that each joint owner may withdraw or transfer any or all of the funds on deposit, by any means Credit Union makes available, including but not limited to closing the account, placing or removing a stop payment order, designating the account as a protecting account for Credit Union’s Overdraft Transfer Service, or, for STCs, changing the renewal option or the account into which interest or principal upon maturity is paid, all without the knowledge or consent of any other joint owner’s . Each joint owner authorizes Credit Union to exercise setoff and enforce its lien on the entire joint account, even if only one of the joint owners is the debtor; these rights exist irrespective of who contributes funds to the joint account. (See the Statutory Lien; Right of Setoff; Security Interest section.) Credit Union is not bound by the knowledge of, and has no duty to inquire as to, the source of funds deposited into the joint account. Each joint owner shall have an equal and undivided interest in the entire account passes as a part regardless of that owner’s estate under the deceased owner’s will, trust, or source of funds. Notice provided by intestacy. If no designation is made on the Membership Application or if the designation is unclear, a multiple owner’s account includes rights of survivorship. A surviving owner’s interest is subject to the credit union’s statutory lien for the deceased owner’s obligations, and Credit Union to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. Rights of Joint Account Owners. Any one joint account owner is authorized and deemed notice to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account and requests for future services from any other account owner. Each account owner guarantees the signature of the other owners. Any account owner may withdraw all available funds in the account, stop payment on items drawn on an account, withdraw, or pledge all or any part of the funds of any account, including funds representing a membership share, without the consent of the other account owner(s) and the Credit Union shall have no duty to notify any other joint account owner(s). If the Credit Union receives written notice of a dispute between account owners or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, require a court order to act, or require that all joint account owners agree in writing to any transaction concerning the accountowners.