Common use of Joint Ownership Restrictions Clause in Contracts

Joint Ownership Restrictions. In the event of either written notice of the existence of a dispute between the owners concerning their respective rights of ownership to the funds contained in, proposed to be, or previously withdrawn from an account(s), or the Credit Union’s uncertainty as to who is entitled to the funds in an account(s), the Credit Union reserves the right to place an administrative hold on the funds in the account(s) and may notify all owners of either the dispute or the Credit Union’s uncertainty as to who is entitled to the funds. The Credit Union will not release the funds to any owners(s) claiming an interest in funds in the account until the Credit Union receives either: i. A request for payment in writing agreed by all owners(s), claiming an interest in funds held in an account(s); or ii. The payment is authorized or directed by a court of proper jurisdiction. iii. The Credit Union reserves the right to require members to give notice in writing of any intended withdrawals from any account(s) (except share drafts) of not less than seven (7) days and up to thirty (30) days before such withdrawal.