Common use of Change of Account Owner Clause in Contracts

Change of Account Owner. (a) The Account Owner of an Account may be changed by submitting a Request. (b) To effectuate a change in Account ownership after the death of the Account Owner, the Survivor will be required to submit to the Board a copy of the death certificate, or other legally recognized proof of death, and a Request. (c) To effectuate a change in Account ownership after the death of the Account Owner where: (1) the Beneficiary has the right of survivorship and (2) either no Survivor was designated or the Survivor is also deceased the Beneficiary, or a Parent acting in a custodial capacity, must submit a copy of the death certificate(s), or other legally recognized proof of death, with a notarized authorization to become the Account Owner. (d) To effectuate a change in ownership of the Account after the death of the Account Owner where no rights of survivorship exist, the Board will accept: (1) a court order; (2) a notarized authorization from the personal representative of the Account Owner’s estate with a copy of the death certificate and letters of administration; or other legally recognized documentation thereof.