Joint Account with Payable-on-Death Designation Clause Samples

Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship.
View SourceView Similar (21)
Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
View SourceView Similar (6)
Joint Account with Payable-on-Death Designation. Upon the final owner’s death, the POD beneficiary will be entitled to the funds
View SourceView Similar (3)
Joint Account with Payable-on-Death Designation. Upon the death of the last surviving owner, ownership passes to the designated POD “beneficiary(ies)”. For joint accounts, a surviving owner’s ownership interest is subject to the Credit Union’s right of setoff for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
View SourceView Similar (2)
Joint Account with Payable-on-Death Designation. If the primary owner dies and joint owners remain on the account, the account must be closed by a surviving joint owner and the POD account designation will be void. Any joint owners will be required to open a new account under a new account number, if eligible, and designate new POD payees if they choose to do so. Upon the death of the primary owner, the POD beneficiary will be entitled to the funds in the account (subject to the terms of this Membership Agreement) upon proof of death and the POD beneficiary’s identification. If you designate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of the funds in the account, which will be determined by dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and each will own those funds without right of survivorship. You understand that it is your responsibility (and not ours) to inform your legal representative(s) about your account(s) with us.
View Source
Joint Account with Payable-on-Death Designation. Upon the final owner’sdeath,thePODbeneficiarywill be entitled tothefunds in the account (subject to theterms of this Agreement) upon proof of death and thePOD beneficiary’s identification. If youdesignate more than one POD beneficiary on the account, each will be entitled to his or her (or its) equal share of thefunds in the account, whichwill be determinedby dividing the amount of the funds in the account by the number of POD beneficiaries designated on the account, and will own those funds without right of survivorship.
View Source

Related to Joint Account with Payable-on-Death Designation

  • Effect of Death, Resignation, etc. of a Trustee The death, resignation, retirement, removal, incapacity, or inability of the Trustees, or any one of them, shall not operate to terminate the Trust or any Series or to revoke any existing trust or agency created pursuant to the terms of this Trust Instrument.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named: a. The spouse of the depositor; b. If the spouse shall predecease the depositor or if the depositor does not have a spouse, then to the depositor’s estate.

  • Effect of Death, Resignation, etc of a Trustee. The death, declination, resignation, retirement, removal, or incapacity of one or more Trustees, or all of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled as provided in Article IV, Section 1, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration of Trust.