CONVENIENCE ACCOUNTS. The notice referred to in section 15.2 of this Part shall reasonably inform the owner, in plain language, of the terms and conditions of the account, including the relationship and consequences between the parties in the account and the responsibilities of the depository with which the account is established. Without limiting the foregoing, such disclosures shall indicate:
CONVENIENCE ACCOUNTS. The other named person or persons shall sign a statement at the depositary’s request agreeing to immediately notify the depositary in writing of the owner’s death and acknowledging that the account shall not be used after the owner’s death:
CONVENIENCE ACCOUNTS. If an Account is a convenience account, within the meaning established under Section 678 of the New York Banking Law, it is understood and agreed that the initial deposit, and any additions or accruals thereto, are the property of the owner individually and, as such, only the owner may request that the Account be closed during his or her lifetime. Upon the death of the owner, the other named person on the Account shall have no right of survivorship in the Account. However, MCU may honor withdrawal requests from either the owner or the other named person. Prior to receiving written notice of either the owner’s death or the owner’s instructions not to pay any monies in this Account to the other named person on the Account, MCU may honor, and will not be responsible for, withdrawals by the other named person.
CONVENIENCE ACCOUNTS. An account opened by a depositor ("owner") and another person, and in form to be paid or delivered to either "for the convenience" of the owner, is a convenience account and does not create a joint tenancy with a right of survivorship as between the owner and the other person (“convenience tenant”). Alpine reserves the right to open a convenience account for more than two persons, provided, however, that the provisions of this section shall apply to equally to each of the convenience tenants.. Any deposits and any additions or accruals thereto, are solely the property of the owner and not of the convenience tenant. Alpine may, at its option, honor checks drawn by, or other withdrawal requests received from, either the owner or any convenience tenant during the lifetime of the owner. Alpine may accept instructions regarding the account from the owner, and will not treat the account as the property of the convenience tenant(s) following the death of the owner. Alpine is not responsible to ensure that checks drawn or withdrawals made by any convenience tenant are used for the benefit of the owner. If Alpine receives legal process against the owner of the convenience account (but not the convenience tenant(s)), it may be required to remit all of the funds held in the convenience account to a third party judgment creditor. Alpine is authorized by the owner to charge the convenience account to satisfy any debt (including an overdraft on any other account) owed to Alpine or third party judgment creditor by the owner of the convenience account. Upon the death of the owner, the account will belong to the deceased owner's estate, not to the convenience tenant(s) on the account. In such event, prior to receipt by Alpine of written notice of the death of the owner and for such reasonable period thereafter, Alpine may, at its option, honor checks or other withdrawal requests from the convenience tenant(s). Additionally, upon the death of the owner and prior to service upon Alpine of process from a court of competent jurisdiction prohibiting payment, and for such reasonable period thereafter as shall enable Alpine to comply, Alpine may make payment to the executor, administrator, or voluntary administrator of the deceased owner's estate. Unless Alpine receives written notice signed by the owner not to pay or deliver any convenience deposit, or addition or accrual thereon, Alpine shall not be liable to the owner for continuing to honor checks or other orders drawn by, or...
CONVENIENCE ACCOUNTS. If the Account is a convenience account within the meaning established under Section 678 of the New York Banking Law, it is understood and agreed that the initial deposit, and any additions or accruals thereto, are the property of the owner individually and, as such, only the owner may request that the Account be closed during his or her lifetime. Upon the death of the owner, the other named person on the Account shall have no right of survivorship in the Account. However, MCU may honor withdrawal requests from either the owner or the other named person. Prior to receiving written notice of either the owner’s death or the owner’s instructions not to pay any monies in this Account to the other named person on the Account, MCU may honor, and will not be responsible for, withdrawals by the other named person. CUSTODIAL (UNIFORM TRANSFERS TO MINORS ACT) ACCOUNTS: The funds in this Account are owned by a minor, who receives the funds as a permanent (irrevocable) gift. The Account is controlled by a custodian, who manages the Account for the minor’s benefit. MCU will act upon the custodian’s instructions. One custodian and one minor are allowed per Account. You may wish to consult your tax advisor or attorney before opening up this type of Account.
CONVENIENCE ACCOUNTS. All accounts in the name of the Borrower or any of its Subsidiaries which are designated as such on Schedule 8.20 (as the same may be updated from time to time pursuant to § 9.5.5), which Convenience Accounts shall at no time contain individual deposits in excess of $50,000 or deposits in the aggregate in excess of $500,000.”
CONVENIENCE ACCOUNTS. This is a multiple-party account established in the names of the party and an authorized signer. The designation of an authorized signer is for your convenience. The authorized signer does not have any ownership rights in the account.
CONVENIENCE ACCOUNTS. If an Account is established by one or more parties in the names of the parties as a Convenience Account, all sums on deposit in the Account are paid or delivered to the parties establishing the Account or to any other party to the Account (such other party hereinafter referred to as a convenience signer) for the convenience of the parties opening the Account. The making of a deposit in a Convenience Account does not affect title to the deposit. A party establishing a Convenience Account is not considered to have made a gift of the deposit or of any additions or accruals to the deposit to a convenience signer. On the death of the last surviving party, a convenience signer shall have no right of survivorship in the Account and ownership of the Account passes according to the party’s instructions on the signature card. If an addition is made to the Account by anyone other than a party establishing the Account, the addition and accruals to the addition are considered to have been made by a party. All deposits to a Convenience Account and additions and accruals to the deposits may be paid to a party establishing the Account or to a convenience signer. The Credit Union is completely released from liability for a payment made from the Account to a convenience signer before it receives notice in writing signed by a party not to make payment in accordance with the terms of the Account. After receipt of the notice from a party, the Credit Union may require a party to approve any further payments from the Account. If the Credit Union makes payment of sums on deposit in a Convenience Account to a convenience signer after the death of the last surviving party establishing the Account, and before the Credit Union has received written notice of the last surviving party’s death, the Credit Union is completely released from liability for the payment. If the Credit Union makes payment to the personal representative of the deceased last surviving party’s estate or to another person entitled to payment after the death of the last surviving party and before service on the Credit Union of a court order prohibiting payment, the Credit Union is released to the extent of the payment from liability to any person claiming a right to the funds. The receipt by the representative or other person to whom payment is made is a complete release and discharge of the Credit Union.
