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

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

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 ▇▇▇: [▇▇ Male] ANNUITANT: [John Smith] AGE AND SEX: [▇▇ ▇▇▇e] CONTRACT NUMBER: [12345] ISSUE DATE: [July 01, 1995] ANNUITY DATE: [July 01, 2010] CONTRIBUTIONS:

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

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,

Payable on Death. Designation

Payable on Death. (POD/ITF) Accounts

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