Multiple-Party Account Without Right of Survivorship Sample Clauses

Multiple-Party Account Without Right of Survivorship. An Account will be a Multiple-Party Account without Right of Survivorship if you have so indicated, or if any such instrument otherwise fails to expressly indicate that the Account is held jointly with right of survivorship. On the death of a Party, the Party’s ownership of the Account passes as a part of the Party’s estate under the Party’s will or by the law governing the estate of a person who dies without a valid will. The interest of the surviving Owner(s) is subject to any lien the Credit Union has for a deceased Party's obligations and any security interest the deceased Party gave in the Account funds, regardless of whether the surviving Owner(s) consented to the security interest.

Multiple-Party Account Without Right of Survivorship. At death of party, deceased party's ownership passes as part of deceased party's estate.

Multiple-Party Account Without Right of Survivorship. If this is the type of Account you have with us, then you own the Account in proportion to your net contributions to the Account. Frost Bank may pay any sum in the Account to a Party, including a Party’s Power of Attorney or agent, at any time. On your death, your ownership passes as a part of your estate under your will or by intestacy.

Multiple-Party Account Without Right of Survivorship. An Account will be a Multiple Party Account without Right of Survivorship if you have so designated in the Application establishing or modifying the Account. For a Multiple Party Account without Right of Survivorship, on the death of an Owner, the Owner’s ownership of the Account passes as a part of the Owner’s estate under the Owner’s will or by intestacy, subject to any lien the Credit Union has for the deceased Owner’s obligations and any security interest the deceased Owner gave in the Account funds. 3. Payable on Death (P.O.D.) Accounts. A P.O.D.Account is an Account payable on request to one or more Owners during their lifetimes and upon the death of the last of those persons, payable to one or more P.O.D. payees named in the ▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ agree that the persons named as P.O.D. payees in any Application establishing or modifying the Account, whether one or more, are designated as P.O.D. payees on the Account and also any subaccounts opened at any time under the same Account number, except for IRA and loan Accounts. P.O.D. payees may not be designated for a Multiple Party Account without Right of Survivorship. During the Owner’s lifetime, all funds paid into or deposited into the designated Account, including any earnings thereon, shall be owned by the Owners’, and payment may be made upon your request or the request of any Party to the Account. If the Account is a Multiple Party Account with Right of Survivorship, during the Owners’ lifetimes the provisions set forth above with regard to such Accounts shall control. Upon your death (the death of the last Owner to survive), ownership of the Account passes to the P.O.D. payees. The Account is not part of any original Owner’s estate. If there are multiple P.O.D. payees, each P.O.D. ▇▇▇▇▇ agrees that, subject to applicable law, all funds shall be owned by the surviving P.O.D. payees in equal, undivided interests with right of survivorship. Payment may be made at the request of any named P.O.D. of Guardianship, Letters Testamentary, or Letters of Administration valid on their face, you agree that we will have no further duty to (i) determine if the person appointed guardian or estate representative has qualified or continues to be qualified as guardian or as estate representative, (ii) determine if an act of the guardian or estate representative is in accordance with or authorized by the Texas Estates Code or other applicable law, (iii) question the validity or propriety of any instrument or any instruc...

Multiple-Party Account Without Right of Survivorship. At death of party, deceased party’s ownership passes as part of deceased party’s estate. Single-Party Account with Pay-on-Death Designation- At death of the party, ownership passes to the designated pay- on-death beneficiaries and is not part of the party’s estate. BUSINESS ACCOUNTS- Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. STOP PAYMENTS- You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cut off time. To be effective, your stop-payment order must precisely identify the number, date, and amount of the item and the payee. You may stop payment on any item drawn on your account whether you signed the item or not, if you have an equal or greater right to withdrawal from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order. Our stop-payment cut off time is one hour after the opening of the next banking day after the banking day in which we receive the item. Additional limitations on our obligation to stop payment are provided by law. (e.g., we paid the item in cash or we certified the item). TELEPHONE TRANSFERS- A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of “preauthorized transfers” during the month). Other account transfer restrictions may be described elsewhere. AMENDMENTS AND TERMINATION- We may change our bylaws and any terms of this agreement. Rules governing changes in rates are provided separately. For other changes we will give you reasonable notice in writing or by another method permitted by law. We may close this account if your membership in the credit union termina...

Multiple-Party Account Without Right of Survivorship. (Tenants in common) – At death of any party, the deceased party’s ownership passes as part of deceased party’s estate. None of you intend (merely by opening this account) to create any right of survivorship in any other party. We encourage you to agree and tell us in writing the percentage of the deposit contributed by each of you. This information will not, however, affect the number of signatures necessary for withdrawal.

Multiple-Party Account Without Right of Survivorship. Single-Party Account With Pay-on-Death Designation Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation

Multiple-Party Account Without Right of Survivorship. (Community Property Funds) – Such an account is issued in the name of a husband and wife who intend and agree that any separate property in the account be transmuted (changed) into community property and that all the property in the account, including earnings, be held as community property without right of survivorship. At death the funds are frozen until the estate is probated.