Common use of Revocable Trust Accounts Clause in Contracts

Revocable Trust Accounts. For the purposes of this part, the term “revocable trust account” includes a testamentary account, tentative or “▇▇▇▇▇▇” trust account, “payable- on-death” account, or any similar account which evidences an intention that the funds shall pass on the death of the owner of the funds to a named beneficiary. If your account is a P.O.D. account, the account will be subject to the Multiple Party Deposit Account Act (N.J.S.A. 17:161-1). Ownership of the account cannot be changed by will. This account belongs to the party/parties to this account during their lifetime and belongs to the P.O.D. payee/payees upon the death of all parties. The P.O.D payee/payees have no present right of withdrawal. When a P.O.D. account exists with two or more parties, the following applies: The Credit Union will allow withdrawals and/or pay share drafts or negotiable orders of withdrawal, as well as recognize all other matters affecting the account, signed by any one of you. Each of you authorizes each other to endorse for deposit in the account any item that is payable to any or all of you. If your account is one on which share drafts or negotiable orders of withdrawal may be drawn, any one of you may authorize payment on any item to be stopped. A notice to any one of you will constitute a notice to all. Each party owns his/her net contribution to the account. In the absence of proof of net contribution, and unless the parties have specifically otherwise agreed, each party will own an equal share of the account during their lifetimes. Upon the death of a party, the surviving party/parties will continue to own his/her proportionate share of the account. The share owned by the deceased party will be shared equally by the surviving parties. Upon the death of the sole surviving party the account will belong to the P.O.D. payee/payees. Where there are two or more P.O.D. payees, the account will belong to the payee/payees who survive all parties. Unless otherwise specifically stated in the account by the party/parties, each surviving P.O.D. payee will own an equal share of the account. Unless specifically stated in the account upon the death of a surviving P.O.D. payee, the remaining P.O.D payee/payees will not own any portion of the deceased payee’s share of the account. The Credit Union may make payment from this account, including payment of the entire account balance: (a) pursuant to any statutory or common law right of offset, levy, attachment, or other valid legal process or court order, relating to the interest of any one or more of the parties; and (b) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceeding, or other duly authorized insolvency representative of any one or more of the parties. The Credit Union is not required to determine net contributions. The Credit Union will be protected from liability for all payments made from the account consistent with the Multiple Party Deposit Account Act (N.J.S.A. 17:161- 1). Any multiple party accounts may be paid on request to any one or more of you and the Credit Union shall not be required to determine net contributions. This deposit contract incorporates by reference: (a) the signature card for the multiple party account to which this deposit contract applies, including all terms on such signature card; and (b) the signatures of all depositors appearing on such signature card and their acknowledgement that they have read this contract and agree to be bound by its terms.

Revocable Trust Accounts. For the purposes of this part, the term “revocable trust account” includes a testamentary account, tentative or “▇▇▇▇▇▇” trust account, “payable- on-deathpayable‐on‐death” account, or any similar account which evidences an intention that the funds shall pass on the death of the owner of the funds to a named beneficiary. If your account is a P.O.D. account, the account will be subject to the Multiple Party Deposit Account Act (N.J.S.A. 17:161-117:161‐1). Ownership of the account cannot be changed by will. This account belongs to the party/parties to this account during their lifetime and belongs to the P.O.D. payee/payees upon the death of all parties. The P.O.D payee/payees have no present right of withdrawal. When a P.O.D. account exists with two or more parties, the following applies: The Credit Union will allow withdrawals and/or pay share drafts or negotiable orders of withdrawal, as well as recognize all other matters affecting the account, signed by any one of you. Each of you authorizes each other to endorse for deposit in the account any item that is payable to any or all of you. If your account is one on which share drafts or negotiable orders of withdrawal may be drawn, any one of you may authorize payment on any item to be stopped. A notice to any one of you will constitute a notice to all. Each party owns his/her net contribution to the account. In the absence of proof of net contribution, and unless the parties have specifically otherwise agreed, each party will own an equal share of the account during their lifetimes. Upon the death of a party, the surviving party/parties will continue to own his/her proportionate share of the account. The share owned by the deceased party will be shared equally by the surviving parties. Upon the death of the sole surviving party the account will belong to the P.O.D. payee/payees. Where there are two or more P.O.D. payees, the account will belong to the payee/payees who survive all parties. Unless otherwise specifically stated in the account by the party/parties, each surviving P.O.D. payee will own an equal share of the account. Unless specifically stated in the account upon the death of a surviving P.O.D. payee, the remaining P.O.D payee/payees will not own any portion of the deceased payee’s share of the account. The Credit Union may make payment from this account, including payment of the entire account balance: (a) pursuant to any statutory or common law right of offset, levy, attachment, or other valid legal process or court order, relating to the interest of any one or more of the parties; and (b) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceeding, or other duly authorized insolvency representative of any one or more of the parties. The Credit Union is not required to determine net contributions. The Credit Union will be protected from liability for all payments made from the account consistent with the Multiple Party Deposit Account Act (N.J.S.A. 17:161- 17:161‐ 1). Any multiple party accounts may be paid on request to any one or more of you and the Credit Union shall not be required to determine net contributions. This deposit contract incorporates by reference: (a) the signature card for the multiple party account to which this deposit contract applies, including all terms on such signature card; and (b) the signatures of all depositors appearing on such signature card and their acknowledgement that they have read this contract and agree to be bound by its terms.