Multiple Party Accounts definition

Multiple Party Accounts. A multiple party Account (which is known as a “joint account”) is an Account that has two or more Owners. Any or all Owners of a multiple party Account can make deposits or withdrawals regardless of contributions. Each Owner guarantees the signature of all other Owners and appoints all other Owners as agents. We may accept orders, instructions and requests for future services from any Owner, which will be binding on all Owners. Any individual Owner of a multiple party Account may withdraw funds, stop payment on items or transactions (regardless of who ordered the payment), transfer or pledge to us all or any funds in the Account and block, terminate or discontinue any transaction or service without the consent of any other Owner. We have no obligation to notify any other Owner of any actions, orders or instructions taken or given by any Owner. Each Owner is jointly and severally liable for all returned items, overdrafts and other obligations owed to us as a result of any transaction on a multiple party Account, regardless of the drawer, user or Authorized User who orders or causes such transaction. Rights of Survivorship: Unless specifically designated otherwise, all Owners of a multiple party Account agree that it is their intention to create a joint tenancy with the right of survivorship (a form of ownership) in that Account. Each Owner of a multiple party Account agrees that if one or more of the Owners dies, his or her interest in the Account will pass to the remaining Owners.
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Multiple Party Accounts. An account owned by two (2) or more persons is a mul- tiple party account. Control of Multiple Party Accounts Multiple party accounts are either/or accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other owner(s). Any owner may withdraw all funds, stop payment of items, transfer, or pledge to us all or any part of the shares without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute be- tween owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners to act.
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Multiple Party Accounts. Any or all owners can make deposits or withdrawals regardless of contributions. Each owner guarantees the signature of all other owners; and appoints all other owners as agents. We may accept orders, instructions, and requests for future services from any account owner, which shall be binding on all owners. Any individual account owner may withdraw funds, stop payment of items and/or transactions (regardless of who ordered the payment), transfer or pledge to us all or any part of the share’s in any account, and block, terminate or discontinue or close any transaction or service without the consent of the other owner(s). We have no obligation to notify the other account owner(s) of any pledge or other actions, orders or instructions by any owner. Each owner is jointly and severally liable for all returned items, overdrafts or any other obligations owed to the Credit Union as a result of any transaction(s) on a multiple party account, regardless of the drawer, user or authorized user who orders or causes said transaction(s).
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Examples of Multiple Party Accounts in a sentence

  • Funds in a joint account will be payable subject to the provision, "Joint or Multiple Party Accounts".

  • Custodial accounts are not subject to the Multiple Party Accounts law.

  • Trust accounts are not subject to the Multiple Party Accounts law.

  • If there is more than one Owner, then during your lifetimes the provisions set forth above with regard to Joint or Multiple Party Accounts with Right of Survivorship shall control.

  • Fiduciary accounts are not subject to the Multiple Party Accounts law.

  • Sole proprietorship accounts are not subject to the Multiple Party Accounts Law.

  • Joint Ownership with Survivorship (Multiple Party Accounts): Multiple-party accounts are in the names of two (2) or more owners on the account, one of who must be a member.

  • If Your P.O.D. Account is governed by the laws of the State of Pennsylvania, then it is subject to the provisions of the Pennsylvania Multiple Party Accounts Act (20 Pa. C.S.A. § 6301 et seq.).

  • If Your Trust Account is governed by the laws of the State of Pennsylvania, then it is subject to the provisions of the Pennsylvania Multiple Party Accounts Act (20 Pa. C.S.A. § 6301 et seq.).

  • If Your Joint Account is governed by the laws of the State of Pennsylvania, then it is subject to the provisions of the Pennsylvania Multiple Party Accounts Act (20 Pa. C.S.A. § 6301 et seq.).