Common use of Death or Incompetence Clause in Contracts

Death or Incompetence. You must notify us immediately if any person who is authorized to conduct transactions on your Account dies or becomes legally incompetent. We may continue to honor Checks, Items, and instructions on the Account until we have knowledge of the death or incompetent status and have a reasonable opportunity to act on that information. We may place a hold on the funds in the Account or prohibit further transactions until we receive acceptable documentation of the death or incompetence and who may transact on the Account.

Death or Incompetence. You must notify us immediately if any person who is authorized to conduct transactions on your Account dies or becomes legally incompetent. We may continue to honor Checks, Items, Items and instructions on the Account until we have knowledge of the death or incompetent status and have a reasonable opportunity to act on that information. We may place a hold on the funds in the Account or prohibit further transactions until we receive acceptable documentation of the death or incompetence and who may transact on the Account.