Single Accounts. Accounts owned by one person, and titled in that person’s name only, are added together and the total insured up to $250,000 at each Program Bank (for a total of up to $1,250,000 when deposited at all of the Program Banks). This account category does not include joint accounts, certain trusts, and individual retirement accounts, which are protected in a separate category and discussed below.
Single Accounts. (a) Transferred Receivables and liabilities of each French Seller towards the Factor (and vice-versa) which are reciprocal, connected and indivisible, shall be reflected as respective credit and debit items under the Current Accounts and shall therefore be subject to set-off when due for payment. The same rule shall apply in the event of the opening of Sub-Accounts in order to enhance the monitoring of the transactions made under the Agreement.
(b) There shall be one Current Account between each of the French Sellers and the Factor for each currency in which Transferred Receivables are denominated in accordance with the Agreement.
(c) Each of the Current Accounts and the Sub-Accounts shall form an indivisible whole and single account between each of the French Sellers and the Factor and the overall balance thereof after set-off of credits and debits shall be considered at all times - and in particular after the termination of the factoring transactions arising hereunder - as the balance of each of the Current Accounts.
(d) At the request of either a French Seller or the Factor, if such Parties agree to do so, the Factor may set-off the credit and debit balances of Current Accounts denominated in different currencies.
Single Accounts. A Single Account is an Account that is owned by one member of the Credit Union. A Single Account may be owned by any person, corporation, partnership, limited liability company, limited liability partnership, trust, estate, association or organization. Upon the death of a Single Account owner and our receipt of any required documentation, the sums on deposit may be released to the personal representative of your estate, P.O.D. beneficiaries if you have designated any, or otherwise according to Wisconsin law. Multiple Party Accounts. A Multiple Party Account is an Account that is owned by a member of the Credit Union together with one or more other persons or entities. In this agreement, Multiple Party Accounts include Joint Accounts and Marital Accounts. Unless the signature card clearly indicates that more than one signature is required, any Multiple Party Account owner is authorized to act for the other owner(s), and on his/her own may transact any business on the Account including but not limited to withdrawing, transferring, or closing the Account, or pledging as security all or any part of the shares of the Account without the consent of the other Account owner(s). The Credit Union shall have no duty to notify any other Multiple Party Account owner of another owner's actions.
Single Accounts. (a) Transferred Receivables and liabilities of each French Seller towards the Factor (and vice-versa) arising under the Transaction which are reciprocal, connected and indivisible, shall be reflected as respective credit and debit items under the Current Accounts and shall therefore be subject to set-off when due for payment. The same rule shall apply in the event of the opening of Sub-Accounts in order to enhance the monitoring of the transactions made under the Agreement.
(b) There shall be one Current Account between each of the French Sellers and the Factor for each currency in which Transferred Receivables are denominated in accordance with the Agreement.
(c) Each of the Current Accounts and the Sub-Accounts shall form an indivisible whole and single account between each of the French Sellers and the Factor and the overall balance thereof after set-off of credits and debits shall be considered at all times – and in particular after the termination of the factoring transactions arising hereunder – as the balance of each of the Current Accounts.
(d) At the request of either a French Seller or the Factor, if such Parties agree to do so, the Factor may set-off the credit and debit balances of Current Accounts denominated in different currencies (other than those Sub-Accounts relating to the Off BS Receivables).
Single Accounts. A single account is a deposit owned by one person. This ownership category includes: • An account held in one person’s name only, provided the owner has not designated any beneficiary(ies) who are entitled to receive the funds when the account owner dies • An account established for one person by an agent, nominee, guardian, custodian, or conservator, including Uniform Transfers to Minors Act accounts, escrow accounts and brokered deposit accounts • An account held in the name of a business that is a sole proprietorship (for example, a “Doing Business As”or DBA account) • An account established for or representing a deceased person’s funds— commonly known as a decedent’s estate account • A grantor’s retained interest in an irrevocable trust • An account that fails to qualify for separate coverage under another ownership category If an account title identifies only one owner, but another person has the right to withdraw funds from the account (e.g., as Power of Attorney or custodian), the FDIC will insure the account as a single ownership account. Assuming all record-keeping requirements for a revocable trust at the bank are met, if the owner of a single account has designated one or more beneficiaries who will receive the deposit when the account owner dies, the account would be insured as a revocable trust account.
