Common use of Multiple-Party Account with Right of Survivorship Clause in Contracts

Multiple-Party Account with Right of Survivorship. Unless otherwise designated in the Application establishing or modifying the Account, a Multiple Party Account will be with Right of Survivorship.A survivorship designation may be ineffective unless the Application is signed by all Account Owners.All funds deposited into any Multiple Party Account with Right of Survivorship, including any earnings thereon, shall be owned by the Primary Member jointly with all other Owners who have signed the Application, with right of survivorship. On the death of an Owner, all sums in the Account on the date of the death vest in and belong to the surviving Owner(s) as their separate property and estate.The interest of the surviving Owners is subject to any lien the Credit Union has for a deceased Owner’s obligations and any security interest the deceased Owner gave in the Account funds, regardless of whether the surviving Owners have consented to the security interest. (b)