Common use of Death or Incompetence of Account Owner Clause in Contracts

Death or Incompetence of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of a member's death or adjudication of incompetence and are provided satisfactory evidence thereof, such as a certified death certificate or court order. Once we are notified of a member's death or incompetence, we may pay checks or honor other payments or transfer orders authorized by the member for a period of ten (10) days after the date of death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. We may require anyone claiming the owner's account funds to indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. In the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on the primary savings account. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment of the funds and before we will release funds to any claiming party. All dividend payments to an account may cease to accrue effective the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the Credit Unions receipt of notice of the death of the primary owner. Any payment of funds upon the death or incompetence of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the Credit Union's policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institution.

Death or Incompetence of Account Owner. We may continue to honor all transfer ordersaccept deposits to an Account, withdrawalsto pay items drawn against an Account, deposits to pay other payment orders against an Account, and allow any other transactions on with respect to an account Account until we are notified of an Account Owner’s death or of an adjudication of incompetence and we have a reasonable opportunity to act upon any such notice. Subject to our policies and procedures, and subject to any separate agreement we may enter into with any surviving Account holder, once we are notified of a member's ’s death or adjudication of incompetence and are provided satisfactory evidence thereof, such as a certified death certificate or court order. Once we are notified of a member's death or adjudicated incompetence, we may pay checks or honor items drawn by the Account Owner or other payments or transfer payment orders authorized by the member Account Owner, until we receive notice of the Account Owner’s death and have a reasonable opportunity to act on it. Upon the receipt of documentation or information suggesting an Account Owner may be incompetent, we may restrict the types or sizes of transactions we will permit on a case-by-case basis. In addition to the foregoing, we may pay checks drawn by the Account Owner for a period of ten (10) days after the date Account Owner’s death, even if we are given notice of death the death, unless we receive instructions from are ordered to stop payment by a person claiming an interest in the Account. We may require any person claiming an interest in the account to stop payment on the checks or other items. We may require anyone claiming the owner's account funds Account to indemnify us for against any losses resulting from our honoring that arising out of the payment of any such claim. This , and this Account Agreement will be binding upon any the heirs or legal representatives of any account ownerdeceased Account Owner or any Account Owner who is adjudicated incompetent. In We may continue to pay dividends or interest on an Account following the event death of your deathan Account Owner. If any surviving Joint Owner is a member of the Credit Union, we may require that the Account be closed and that the funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on the primary savings account. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment of the funds and before we will release funds to any claiming party. All dividend payments to an account may cease to accrue effective the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the Credit Unions receipt of notice of the death of the primary owner. Any payment of funds upon the death or incompetence of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the Credit Union's policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institutionsurviving Joint Owner’s Account.

Death or Incompetence of Account Owner. We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of a member's death or adjudication of incompetence and are provided satisfactory evidence thereof, such as a certified death certificate or court order. Once we are notified of a member's death or incompetence, we may pay checks or honor other payments or transfer orders authorized by the member for a period of ten (10) days after the date of death unless we receive instructions from any person claiming an interest in the account to stop payment on the checks or other items. We may require anyone claiming the owner's account funds to indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner. In the event of your death, funds will be transferred to your primary savings account and paid to the joint owner (if applicable) or to the beneficiary(ies) named on the primary savings account. If there is no beneficiary designation, no probate proceedings or no estate, we may, but are not required to, pay the funds to any heir, who will be solely responsible for any further distribution of the funds. Alternatively, we may hold the funds until a proper court order is presented to us. We may require proper documentary evidence satisfactory to us before we determine the proper treatment of the funds and before we will release funds to any claiming party. All dividend payments to an account may cease to accrue effective the date of death of the primary owner, and any dividend payments made after the date of death of the primary owner may be reversed from the account upon the Credit Unions credit unions receipt of notice of the death of the primary owner. Any payment of funds upon the death or incompetence of any account holder is subject to our lien and security interest. This Agreement will be binding upon any heirs or legal representatives of any account owner. Additionally, when notified of the death of a primary member, any account where there is a joint owner may be closed within a reasonable amount of time in accordance with the Credit Union's policies and procedures. Any account where there is a deceased joint owner will result in the removal of that joint owner within a reasonable amount of time after notification. Any deposits made payable to, or in the name of, a deceased member or owner will not be accepted (except as limited in the preceding paragraph). These items must be negotiated through an estate account at another financial institution.