Common use of Multiple-Party Account Without Right of Survivorship Clause in Contracts

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 instructions executed or given by a person acting as a guardian or estate representative, or (iv) oversee the administration by a guardian or estate representative of money or other property paid or delivered to him or ▇▇▇.▇▇▇ agree that we may rely upon Letters of Guardianship, Letters Testamentary, or Letters of Administration that are valid upon presentment, that we may continue to rely upon the same without inquiring into their expiration or renewal, and that we may assume their renewal unless notified in writing to the contrary. Further, you agree that we will have no obligation to recognize or honor any such Letters that we know to have expired without renewal pursuant to the provisions of the Texas Estates Code or other applicable law. If we receive notice of expiration without renewal, we will have no obligation to honor any check that is presented for payment or to honor any requests for withdrawal of funds from the Account of a ▇▇▇▇ or an estate until we receive renewed Letters or another order issuing out of a Court of competent jurisdiction.