Common use of Joint Account Ownership Clause in Contracts

Joint Account Ownership. An Account with two or more Account Holders is a Joint Account. Joint Account Holders will be considered as joint tenants with right of survivorship. Each Account Holder has a present right to payment from the Account. Each Account ▇▇▇▇▇▇ owns his or her net contribution to the Account. In the absence of proof of net contribution, and unless the Account Holders have specifically otherwise agreed, each Account Holder will own an equal share of this Account. Upon the death of one of the Joint Account Holders: (1) Where there is only one surviving Account Holder, the entire Account will belong to the survivor. (2) Where there are two or more surviving Account Holders, each survivor will continue to own his or her proportionate share. The portion of the Account owned by the deceased party will be shared equally by the survivors. Ownership of the Account cannot be changed by a Last Will and Testament.