Common use of Authorized Party Clause in Contracts

Authorized Party. If you indicate per stirpes or per capita for your beneficiary( ies), Schwab will require a certification of the identity of the beneficiary( ies) from your Authorized Party prior to distributing the account assets. You, on behalf of yourself, your estate, and your successors in interest, agree that Schwab shall be entitled to rely on the verification of beneficiaries provided by your Authorized Party when distributing your account assets. You also agree that Schwab has no obligation to locate or identify any beneficiary or to independently verify any information submitted by your Authorized Party prior to distributing your account assets. You, your estate, and your successors in interest further understand and agree that, notwithstanding the above and any information or instructions provided by your Authorized Party, Schwab may, in its sole discretion, require additional documentation, consult with counsel, or institute legal proceedings in order to determine the proper identity of your beneficiaries, all of which shall be at the expense of your account. If you name an Authorized Party in Section 6, Schwab will use reasonable efforts to locate the person you have so designated. If, however, despite these reasonable efforts we are unable to locate the person you have designated as your Authorized Party, or that person is unable or unwilling to serve, then you, your estate, and your successors in interest understand and agree that Schwab will instead be entitled to rely on the verification of beneficiaries provided by the personal representative, executor, or administrator of your estate as identified in letters testamentary or letters of administration issued by a court of appropriate jurisdiction. You agree and understand that the costs of appointing a personal representative, executor, or administrator for your estate, if any, shall be borne by your estate and not by Schwab. If you wish to change the person you have designated as your Authorized Party, you agree to do so by completing this form in its entirety. If there are multiple account holders, the change of Authorized Party must be authorized by all account holders.

Authorized Party. If you indicate per stirpes or per capita distribution for your beneficiary( ies), Schwab you understand that Xxxxxx Bank will require a certification of the identity of the beneficiary( ies) from your Authorized Party prior to distributing the account assetsParty. You, on behalf of yourself, your estate, and your successors in interest, agree that Schwab Xxxxxx Bank shall be entitled to rely on the verification of beneficiaries provided by your Authorized Party when distributing your account assets. You also agree that Schwab Xxxxxx Bank has no obligation to locate or identify any beneficiary or to independently verify any information submitted by your Authorized Party prior to distributing your account assetsParty. You, your estate, and your successors in interest further understand and agree that, notwithstanding the above and any information or instructions provided by your Authorized Party, Schwab Xxxxxx Bank may, in its sole discretion, require additional documentation, consult with counsel, or institute legal proceedings in order to determine the proper identity of your beneficiaries, all of which shall be at the expense of your account. If you name an Authorized Party in Section 6, Schwab Xxxxxx Bank will use reasonable efforts to locate the person you have so designated. If, however, despite these reasonable efforts we are unable to locate the person you have designated as your Authorized Party, or that person is unable or unwilling to serve, then you, your estate, and your successors in interest understand and agree that Schwab Xxxxxx Bank will instead be entitled to rely on the verification of beneficiaries provided by the personal representative, executor, or administrator of your estate as identified in letters testamentary or letters of administration issued by a court of appropriate jurisdiction. You agree and understand that the costs of appointing a personal representative, executor, or administrator for your estate, if any, shall be borne by your estate and not by SchwabXxxxxx Bank. If you wish to change the person you have designated as your Authorized Party, you agree to do so by completing this form in its entirety. If there are multiple account holders, the change of Authorized Party must be authorized by all account holders.