Common use of Individual Accounts Clause in Contracts

Individual Accounts. An Individual ("Single-Party") Account is an account in the name of one depositor only. Single-Party Account Without P.O.D. (Payable on Death) Designation. The party to the account owns theaccount. On the death of the party, ownership of the account passes as a part of the party's estate under the party's will or by intestacy. Single-Party Account with P.O.D. (Payable on Death) Designation. The party to the account owns the account. On the death of the party, ownership of the account passes to the P.O.D. beneficiaries of the account. The account is not a part of the party's estate. Note, a sole proprietorship may be considered a Single-Party Account and may contain a payable on death (P.O.D.) designation. MULTIPLE-PARTY ACCOUNTS. Our rights and liabilities for payment of any sums on deposit in this account shall be governed by the Texas Estates Code, as amended from time to time. This section pertains to multiple-party accounts:

Individual Accounts. An Individual ("Single-Party") Account is an account in the name of one depositor only. Single-Party Account Without P.O.D. (Payable on Death) Designation. The party to the account owns theaccountthe account. On the death of the party, ownership of the account passes as a part of the party's estate under the party's will or by intestacy. Single-Party Account with P.O.D. (Payable on Death) Designation. The party to the account owns the account. On the death of the party, ownership of the account passes to the P.O.D. beneficiaries of the account. The account is not a part of the party's estate. Note, a sole proprietorship may be considered a Single-Party Account and may contain a payable on death (P.O.D.) designation. MULTIPLE-PARTY ACCOUNTS. Our rights and liabilities for payment of any sums on deposit in this account shall be governed by the Texas Estates Code, as amended from time to time. This section pertains to multiple-party accounts: