Common use of Single Party Account Clause in Contracts

Single Party Account. A single party account is an Account owned by one member (individual, corporation, partnership, limited liability company, trust or other legal entity or organization) qualified for credit union membership. If the Account owner dies, the interest passes, subject to applicable law, to the decedent's estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions in this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner's agent prior to notice of an owner's death.

Single Party Account. A single party account is an Account account owned by one member (including any individual, corporation, partnership, limited liability companytrust, trust or other legal entity or organization) organization qualified for credit union membership. If the Account owner diesaccount is a single party account, the interest passesof a deceased individual owner will pass, subject to applicable law, to the decedent's ’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions in of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner's ’s agent prior to notice of an owner's ’s death.