Death or Incompetence of Account Owner. You agree to notify the Credit Union if any person with a right to withdraw funds from your account dies or becomes legally incompetent. The Credit Union may continue to honor all transfers, withdrawals, deposits and other transactions on the account until the Credit Union is notified of the member's death or of a court adjudication of incompetency. Once the Credit Union is notified, the Credit Union may pay drafts or honor other payments or transfer orders authorized by the deceased/incompetent member for a period of ten (10) days unless the Credit Union receives instructions from any person claiming an interest in the account to stop payment on the share draft checks or other items. You agree that the Credit Union can require that anyone who claims funds in your account after your death indemnify the Credit Union for any losses resulting from honoring that claim. In the event you are adjudicated incompetent by a court order, all activity on your account will be by court order if the account is a single party account. This Agreement will be binding upon any heirs or legal representatives of any account owner.
Appears in 4 contracts
Samples: Account Agreement, Membership and Account Agreement, Membership and Account Agreement
