Common use of Business Account Clause in Contracts

Business Account. Where a business entity (such as a corporation, limited liability company, partnership, or sole proprietorship) is designated or appears on a signature card as the owner of an account, then the account is payable only to or on the order of the business, and not to any individual director, shareholder, member, or partner of the business, except as they may be a payee on a check or other item drawn on the account, even if doing so causes an overdraft or increases an overdraft on the account. By signing a signature card, you represent that the business has taken all action necessary to open and maintain banking accounts at the Bank and that all resolutions or other documentation delivered to us in connection with the account are true, accurate, complete, and will be kept up to date and may be conclusively relied upon by us. You will notify us in advance of any change in your form of ownership or persons authorized to act on behalf of the business in writing authenticated to the Bank’s satisfaction. Each designated signer on the account is authorized to act for and on behalf of the business in any matter involving any account of the business, including the authority to instruct us to close the account and the authority to sign and implement the terms of all agreements concerning the business. If your account is identified as one that we offered to individuals or unincorporated non-business associations, it will not be used for a business purpose.

Business Account. Where a business entity (such as a corporation, limited liability company, partnership, or sole proprietorship) is designated or appears on a signature card as the owner of an account, then the account is payable only to or on the order of the business, and not to any individual director, shareholder, member, or partner of the business, except as they may be a payee on a check or other item drawn on the account, even if doing so causes an overdraft or increases an overdraft on the account. By signing a signature card, you represent that the business has taken all action necessary to open and maintain banking accounts at the Bank and that all resolutions or other documentation delivered to us in connection with the account are true, accurate, complete, and will be kept up to date and may be conclusively relied upon by us. You will notify us in advance of any change in your form of ownership or persons authorized to act on behalf of the business in writing authenticated to the Bank’s satisfaction. Each designated signer on the account is authorized to act for and on behalf of the business in any matter involving any account of the business, including the authority to instruct us to close the account and the authority to sign and implement the terms of all agreements concerning the business. If your account is identified as one that we offered to individuals or unincorporated non-business non‐business associations, it will not be used for a business purpose.