Payable on Death definition

Payable on Death. ACCOUNTS. This is an account owned by one (1) or more natural person(s), and is designated as an “As Trustee For” or “Payable on Death” account. The owner(s) of an “As Trustee For” account is/are the trustee(s) during his, her or their lifetimes. The owner(s) of a “Payable on Death” account is/are the original named owner(s) during his, her or their lifetimes. The account may have two (2) or more owners (i.e., trustees or original named owners), in which case it will be subject to the provisions regarding joint owners accounts, except as may be otherwise specified in this paragraph. For multiple party accounts, the right of survivorship shall exist as among joint owners (i.e., trustees or original named owners), joint beneficiaries, and joint payable-on-death payees, respectively, unless otherwise stated on the signature card. Thus, upon the death of one (1) of two (2) or more trustees or original named owners, that deceased trustee’s or original owner’s interest in the account and share of the funds in the account automatically go to the surviving trustee(s) or original named owner(s), and if there is more than one (1) surviving trustee or original named owner, the surviving trustees or original named owners shall each receive an equal share of the deceased trustee’s or original named owner’s funds. Upon the death of the last surviving trustee or original named owner, the account will then belong to the surviving beneficiary(ies) or payable-on-death payee(s), in equal shares. While living, the trustee(s) and original owner(s) will have all ownership rights in the account and in the funds therein, including, without limitation, the right to change beneficiaries or payable-on-death payees, the right to withdraw all funds from the account, and the right to terminate and close the account, for any reason. We are not obligated to notify any beneficiary or payable-on-death payee of the existence of any account or of the vesting of any beneficiary’s or payable-on-death payee’s interest in any account, except and unless as may be required by law. TRUST ACCOUNT (WITH WRITTEN TRUST AGREEMENT). This is an
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Payable on Death account and “In trust for” account
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Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 10 Business Accounts 10 Transfer of Ownership and Assignment 11 Authorized Signers and Agents 11 Renewals 11 Interest Payments 11 Early Withdrawals 12 Checking and Savings Accounts 12 Certificates of Deposit 12 Cashing Items or Accepting Items for Deposit 13 Cashier’s Checks 13 Checks Lost During Collection 14 Collection Items 14 Demand Drafts and Remotely Created Checks 14 Deposit Delivery and Preparation 14 Deposit Error Correction 14 Endorsing Checks 15 Foreign Instruments 15 Identifying the Account 16 Overpayments and Reversals 16 Returned Items 16 Substitute Checks 17 Unattended Banking Facility 17 Check Cashing 17 Check Legends, Restrictions, or Notations 17 Collection Items 18 Examining Checks 18 Facsimile Signature 18 Foreign Currency 18
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Examples of Payable on Death in a sentence

  • A Payable on Death (POD) account is an instruction to us that a single or multiple party account so designated is payable to the owner(s) during their lifetimes and, when the last account owner dies, is payable to any named, living POD beneficiary.

  • Upon the death of an individual account owner, we will pay all funds on deposit in accordance with the specific instructions on the Account Card such as to a Payable on Death Beneficiary.

  • A Payable on Death (POD) designation is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on your Account Card.

  • If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of 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, and to any security interest or pledge granted by the account owner, and subject to our statutory lien rights.

  • A Payable on Death (POD) account is an account held in the name of one (1) or more persons as owner or owners for one or more persons designated as beneficiaries.

  • If the account owner dies, the owner's interest passes, subject to applicable law, to the decedent's estate or Payable on Death (POD) beneficiary or trust beneficiary, subject to other provisions of this Agreement and applicable law.

  • 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 of 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.

  • Payable on Death ("POD") accounts are governed by your agreements with the Credit Union and applicable state law.

  • The Account cannot be owned or titled jointly, by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).

  • If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of 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 and to any security interest or pledge granted by the account owner and subject to our statutory lien rights.


More Definitions of Payable on Death

Payable on Death. Death Of Owner During The Accumulation Period Death Benefit Amount During The Accumulation Period Death Benefit Options During The Accumulation Period Death Of Owner During The Annuity Period Death Of Annuitant Payment Of Death Benefit Beneficiary Change Of Beneficiary SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION OWNER, ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS Owner Joint Owner Annuitant Assignment Of The Contract ANNUITY PROVISIONS General Annuity Date Selection Of An Annuity Option Frequency And Amount Of Annuity Payments Annuity Options Option A. Life Annuity Option B. Life Annuity With Period Certain Of 120 Months Option C. Joint And Survivor Annuity Option D. Period Certain Annuity Fixed Annuity Variable Annuity Annuity Unit Mortality Tables GENERAL PROVISIONS The Contract Misstatement Of Age Incontestability Modification Non-Participating Evidence Of Survival Proof Of Age Protection Of Proceeds Reports Taxes Regulatory Requirements ANNUITY TABLES CONTRACT SCHEDULE OWNER: [John Smith] AGE AND XXX: [00 Male] ANNUITANT: [John Smith] AGE AND SEX: [00 Xxxe] CONTRACT NUMBER: [12345] ISSUE DATE: [July 01, 1995] ANNUITY DATE: [July 01, 2010] CONTRIBUTIONS:
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Payable on Death. Designation
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Payable on Death. Accounts If you open an individual or joint trustee account “in trust” for someone else (and there is no trust document) or you designate it as a Payable-On-Death Account, the account will pass to the beneficiary named on the signature card upon the death of the last surviving account owner. If there is more than one (1) beneficiary, each will receive an equal share of the funds unless you have given us other specific written instructions. During your lifetime, you may exercise full control over the account and may make deposits to and withdrawals from the account. Documented Trust Accounts If you are a trustee and want to establish an account in connection with a written trust, we may require you to provide us with a notarized trust certification, confirming your power as trustee, prior to opening the account. We are not required to know, understand, interpret,
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Payable on Death. (POD/ITF) Accounts
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Payable on Death. (“POD”) Accounts Any joint owner may close the account without the consent from any other joint owner(s). All owners of a joint account are jointly and severally liable for all activity on the account, including overdrafts and fees. In the event of an overdraft on a joint account, all owners agree that each owner is jointly and severally liable for the overdraft, whether or not any particular owner (a) created the overdraft, (b) had knowledge of the overdraft, or (c) benefitted from the overdraft. Trust Accounts Uniform Transfers/Gifts to Minors Act Account Representative Payee HSA Accounts Power of Attorney
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Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 09 Transfer of Ownership and Assignment 09 Authorized Signers and Agents 10 Renewals 10 Interest Payments 10 Early Withdrawals 10
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Related to Payable on Death

  • Brain Death means irreversible unconsciousness with total loss of brain function; and complete absence of electrical activity of the brain, even though the heart is still beating.

  • Termination Other Than For Cause means termination by the Company of Employee's employment by the Company for reasons other than those which constitute Termination for Cause.

  • Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value.

  • Constructively Terminated means, unless otherwise specified by the Committee in the Award Agreement, a voluntary termination of employment by an Employee within ten (10) business days after any of the following actions by the Company, an Affiliate, or a person acting on behalf of either:

  • Termination due to Disability means a termination of the Executive’s employment by the Company because the Executive has been incapable, after reasonable accommodation, of substantially fulfilling the positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional incapacity resulting from injury, sickness or disease for a period of (A) six (6) consecutive months or (B) an aggregate of nine (9) months (whether or not consecutive) in any twelve (12) month period. Any question as to the existence, extent or potentiality of the Executive’s disability shall be determined by a qualified physician selected by the Company with the consent of the Executive, which consent shall not be unreasonably withheld. The Executive or the Executive’s legal representatives or any adult member of the Executive’s immediate family shall have the right to present to such physician such information and arguments as to the Executive’s disability as he, she or they deem appropriate, including the opinion of the Executive’s personal physician.

  • Fetal death means death prior to the complete expulsion or extraction from its mother of a product of human conception, irrespective of the duration of pregnancy, that is not an induced termination of pregnancy. The death is indicated by the fact that after such expulsion or extraction the fetus does not breathe or show any other evidence of life such as beating of the heart, pulsation of the umbilical cord or definite movement of the voluntary muscles.

  • CIC Qualifying Termination means, in each case, on or within twenty-four (24) months following a Change in Control, (i) a termination of the Executive’s employment by the Company without Cause, (ii) a termination of the Executive’s employment by reason of death or Disability, or (iii) a termination of the Executive’s employment by the Executive for Good Reason.

  • Fraud Loss Coverage Termination Date The point in time at which the Fraud Loss Coverage Amount is reduced to zero.

  • Early Opt-in Effective Date means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

  • Involuntary Termination Without Cause means Executive’s dismissal or discharge other than for Cause. The termination of Executive’s employment as a result of Executive’s death or disability will not be deemed to be an Involuntary Termination Without Cause.

  • Termination Payment Date means the date on which the RECIPIENT is required to repay to ECOLOGY any outstanding balance of the loan and all accrued interest.

  • Accidental Death means death due to accident, where accident is a sudden, unforeseen and involuntary event caused by external and visible means

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Voluntary Termination means termination by the Employee of the Employee's employment with the Company, excluding termination by reason of Employee's death or disability as described in Sections 2.5 and 2.6.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Trust Termination Date has the meaning specified in the Trust Agreement.

  • Business owned by a person with a disability means a business concern that is at least 51% owned by one or more persons with a disability and the management and daily business operations of which are controlled by one or more of the persons with disabilities who own it. A not- for-profit agency for persons with disabilities that is exempt from taxation under Section 501 of the Internal Revenue Code of 1986 is also considered a "business owned by a person with a disability".

  • Compensation Accrued at Termination means the following:

  • Accrued Amounts means any unpaid annual base salary accrued through the date of a Participant’s Qualifying Termination and any accrued but unpaid vacation pay.

  • Death means death resulting from an injury or occupational disease;

  • Accrued Obligations are (i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

  • Accrued Obligation means the sum of (i) Executive’s Base Salary earned through the Date of Termination and (ii) to the extent permitted by the Company’s vacation policies as may exist from time to time, any accrued, unused vacation pay earned by Executive, in both cases, to the extent not theretofore paid.

  • Early Termination Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, these Conditions or the relevant Final Terms;

  • Involuntary Termination means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability.

  • Qualifying Termination means a termination of the Executive’s employment either (i) by a Company Group member without Cause (excluding by reason of Executive’s death or Disability) or (ii) by the Executive for Good Reason, in either case, during the Change in Control Period (a “Qualifying CIC Termination”) or outside of the Change in Control Period (a “Qualifying Non-CIC Termination”).

  • Termination Amount has the meaning set forth in Section 7.02(a).