Multiple-party account definition

Multiple-party account means an account in the names of 2 or more persons, 1 or more or all of whom may make withdrawals, or an account in the name of 1 or more parties as trustee for 1 or more beneficiaries even though no mention is made of a right of withdrawal by a beneficiary. Accounts established for deposit of funds of a partnership, joint venture or other association or accounts controlled by 2 or more persons as the duly authorized agents or trustees for a corporation, unincorporated association, charitable or civic organization or any trust, except trusts of deposits evidenced only by the form of the deposit, are excluded from the meaning of the term and from the provisions of this act. At least 1 party to a multiple-party account shall be a member of the credit union in which the account is established.

Multiple-party account means an account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned.

Multiple-party account means a joint account, a convenience account, a P.O.D. account, or a trust account. The term does not include an account established for the deposit of funds of a partnership, joint venture, or other association for business purposes, or an account controlled by one or more persons as the authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization, or a regular fiduciary or trust account in which the relationship is established other than by deposit agreement.

Examples of Multiple-party account in a sentence

• Multiple-Party Account with Right of Survivorship and P.O.D. (Payable on Death) Designation.

• Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation - At death of last surviving party, ownership passes to the designated pay-on-death beneficiaries and is not part of the last surviving party’s estate.

• Multiple-Party Account With Right Of Survivorship And "P.O.D." (Payable On Death) Designation The parties to the Account own the Account in proportion to the parties' net contributions to the Account.

• Multiple-Party Account Without Right of Survivorship - At death of party, deceased party’s ownership passes as part of deceased party’s estate.

• You understand and specifically agree that, if any such Account is a Multiple-Party Account, the entire amount in such Account shall be subject to our lien and shall secure the indebtedness of each Owner owing to us.

More Definitions of Multiple-party account

Multiple-party account means an account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned including, but not limited to, joint accounts or POD accounts.

Multiple-party account means an Account opened as a Joint Account, Deposit Trust Account or Fiduciary Account. All obligations of Joint Accounts shall be joint and several, which means each Account Holder is responsible and liable for the acts and omissions of the other Account Holder on the Account.

Multiple-party account means any of the following types of account:

Multiple-party account means a joint account, a P.O.D. account or a trust account. “Multiple-party account” does not include:

Multiple-party account means an Account opened as a Joint Account or Fiduciary Account. All obligations of Joint Accounts shall be joint and several, and each Customer is responsible and liable for the acts and omissions of the other Customer on the Account.

Multiple-party account means any of the following types of account: (i) a joint account, (ii) a

Multiple-party account means a joint account, a