Common use of Agent Designations Clause in Contracts

Agent Designations. An owner on a one owner account, and the owners together on a multiple owner account, may designate a person or persons to be an agent on the account who will be authorized to conduct transactions on the account. We will require you and your agent(s) to provide information about the agent(s) and will also require each agent to sign Part 1 of this Contract. An agent only has the right to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account, and cannot make changes to or close the account. Once you have designated an agent on your account, it is your sole responsibility and not our responsibility to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until we receive written notice that you have terminated the agent’s authority or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority to conduct transactions on the account, you must notify us and change Part 1 of this Contract. We have no duty to prevent an agent from conducting transactions on the account until you have made this change. Upon your death on a one owner account or the final surviving owner’s death on a multiple owner account, any funds in the account will be disbursed according this Contract.

Agent Designations. An owner on a one owner account, and the owners together on a multiple owner account, may designate a person or persons to be an agent on the account who will be authorized to conduct transactions on the account. We will require you and your agent(s) to provide information about the agent(s) and will also require each agent to sign Part 1 of this Contract. An agent only has the right to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account, and cannot make changes to or close the account. Once you have designated an agent on your account, it is your sole responsibility and not our responsibility to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until we receive written notice that you have terminated the agent’s authority or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority to conduct transactions on the account, you must notify us and change Part 1 of this ContractCon- tract. We have no duty to prevent an agent from conducting transactions on the account until you have made this change. Upon your death on a one owner account or the final surviving owner’s death on a multiple owner account, any funds in the account ac- count will be disbursed according this Contract.