Joint Accounts with Right of Survivorship Sample Clauses

Joint Accounts with Right of Survivorship. If you open an account that is joint with right of survivorship, your rights and the rights of the other person(s) whose name(s) appear on the account are set forth in Section 36a-290 et. seq. of the Connecticut General Statutes. Briefly, these laws provide that the other person(s) named on the account may withdraw the entire balance in the account including deposits you have made and, upon your death, the funds in the account are held for the other person(s). For certain checks, such as a check payable by the government, the Bank may require all persons to whom the check is payable to endorse the check for deposit. The other person named on the account may also stop payment on a check and create an overdraft. Each joint account owner authorizes the bank to exercise setoff and enforce its security interest in the entire joint account, even though only one of the joint owners is the defaulting debtor and irrespective of who signed the check creating the overdraft. Each person named on a joint account can pledge or lien the entire account. The Bank will not accept an account for individuals that require the signatures of two or more persons for a withdrawal. The bank has the right to limit the number of owners on any account.
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Joint Accounts with Right of Survivorship. If this is an account in the names of two or more individuals, it will be a joint account with right of survivorship as defined in Section 36a-290 of the Connecticut General Statutes or the successor to that statute. This means that each of you is making this Agreement with each other and with us. Each of you agrees that all amounts deposited by any of you, as well as any interest earned or bonus payments earned, can be paid to any one or more of you while you are all alive. After the death of any one or more of you, we can pay any money in the account to any one or more of you who is then alive. Each of you gives to all of the others authority to deposit to the account any check payable to any one or more of you. For certain checks, such as a check payable by the government, we may require all persons to whom the check is payable to endorse the check for deposit. We do not allow an account held in the names of individuals to require more than one signature for withdrawals from the account. If we honor a check which was signed by any one or more of you and this causes an overdraft, each of you is liable for the over- draft, whether or not you signed the check or benefited from its proceeds. Each of you acts as the agent of the others. Each of you authorizes each to operate the account without the consent or approval of the others. We may act and rely on the instructions of one of you with- out liability to the others. For example, one of you may without the consent or approval of the others: • add additional persons as joint owners; • instruct us to stop payment on a check or other item that another wrote on the account; • obtain an ATM card or a debit card; • draw upon an overdraft or other line of credit connected to the account; • obtain information about the account, including trans actions conducted by another of you; • pledge the account as security for any debts; and • close the account. • Limitation on Number of Owners. We have the right to limit the number of owners on any account.
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Joint Accounts with Right of Survivorship. (Not as Tenants in Common). If your account is in two or more names, it is a joint account. Unless indicated otherwise, joint accounts are with the right of survivorship. This means that upon the death of any joint owner, the account balance is owned by the surviving owner(s), subject to our right to reimbursement from the account and our right of setoff and security interest in the account, and the estate of the deceased joint owner has no interest in the account. You understand and agree that we may honor checks drawn by and withdrawal requests from the surviving account owner(s). You understand that as a joint owner of the account, all of you are considered jointly and severally liable to us for the entire amount of any obligation (such as any fees on your account) or liability to us regarding the account, or for any Losses regarding the account. Each joint owner appoints the other(s) as his/her agent to deposit, withdraw and transfer funds, instruct us to stop payment on any check or item drawn on the account and to release or cancel stop payment requests (even if not initiated by him/her), obtain any and all information from us about the account, and conduct any and all other business on the joint account including, but not limited to, pledging or encumbering the account (where we may allow you to do so), or closing the account. Unless a joint account owner notifies us otherwise, you understand and agree that we may honor checks drawn by or withdrawal requests from any joint account owner. Acting as an agent, any joint owner can endorse checks, drafts or other payment orders made out to any other joint owner for deposit into the joint account. However, if a joint account owner provides us with such written notice we reserve the right to require the written authorization of any or all joint account owners for any future transactions on the account. Any joint owner or owners may appoint an attorney-in-fact for the account. All such appointments of an attorney-in-fact must be done in compliance with the requirements of the section of this Agreement dealing with Power of Attorney Appointments. One joint owner is not authorized to remove another joint owner from the title of the account without the written consent of the other joint owner(s) but may, however, withdraw all of the funds from the account or close the account at his/her discretion and without the permission, knowledge, or consent of any other joint owner. While you may request that the names o...
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Joint Accounts with Right of Survivorship. If this is an account in the names of two or more individuals, unless we specifically agree otherwise in writing, it will be a joint account with right of survivorship as defined in Section 36a-290 of the Connecticut General Statutes or the successor to that statute. This means that each of you is making this Agreement with each other and with us. Each of you agrees that all amounts deposited by any of you, as well as any interest earned or bonus payments earned, can be paid to any one or more of you while you are all alive. After the death of any one or more of you, we can pay any money in the account to any one or more of you who is then alive. Each of you gives to all of the others authority to deposit to the account any check payable to any one or more of you. For certain checks, such as a check payable by the government, we may require all persons to whom the check is payable to endorse the check for deposit. If we honor a check which was signed by any one or more of you, and this causes an overdraft, each of you is liable for the overdraft, whether or not you signed the check or benefited from its proceeds. (b) Limitation on Number of Owners. We have the right to limit the number of owners on any account.
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Joint Accounts with Right of Survivorship. Opening Your Account To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. What this means for you: When you open an account or make changes to an existing account, we will ask you for your name; residential address; date of birth; and Social Security number, driver’s license, or other identifying documents. Our policies may require additional information about you or any person associated with you or with the account when or after you open the account to assure that we comply with “Know Your Customer” requirements. We may restrict or close your account if we are unable to obtain information in order to satisfy our “Know Your Customer” requirements. By opening an account with us, you confirm that neither you nor any beneficial owner of any account is covered by any sanctions programs administered or enforced by the U.S. Department of the Treasury, Office of Foreign Asset Control. THE TYPE OF ACCOUNT OWNERSHIP MAY DETERMINE HOW YOUR FUNDS ARE PAID UPON YOUR DEATH, EVEN IF YOUR WILL STATES OTHERWISE. PLEASE CONSULT YOUR ESTATE PLANNING ADVISOR OR ATTORNEY ABOUT YOUR CHOICES. Ownership of your account is determined by the most current signature card. However, we are authorized to rely on the account ownership information contained in our deposit system, unless you notify us that the most current signature card and the deposit system contain different information. For example, if an individual is identified in our deposit system as an owner or co-owner of the account but does not sign any documentation related to the account (including, the signature card), we still may, in our sole discretion, treat them as an owner or co-owner of the account and will not be liable to anyone as a result. The following provisions explain the rules that apply to your account depending on the form of ownership and beneficiary designation, if any, specified on our account records (including, the signature card). We make no representations as to whether the ownership and beneficiary designations are appropriate or effective, except as they determine to whom we pay the account funds. When we list only one (1) individual as the owner of an account, we will treat the account as an individual account. By opening an individual account, you do not intend to create any right of survivors...
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Related to Joint Accounts with Right of Survivorship

  • Rights of Survivorship Unless otherwise stated on the Account Card or documented through the Credit Union’s online application and authentication process, a joint account includes rights of survivorship. This means that when one (1) owner dies, all sums in the account will pass to the surviving owner(s). For a joint account without rights of survivorship, the deceased owner’s interest passes to his or her estate. A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.

  • NO RIGHT OF SURVIVORSHIP NON-TRANSFERABILITY You acknowledge, understand and agree that your account is non-transferable and any rights to your ID and/or contents within your account shall terminate upon your death. Upon receipt of a copy of a death certificate, your account may be terminated and all contents therein permanently deleted.

  • Survivorship The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

  • JOINT AND SURVIVOR ANNUITY The Advisory Committee must direct the Trustee to distribute a married or unmarried Participant's Nonforfeitable Accrued Benefit in the form of a qualified joint and survivor annuity, unless the Participant makes a valid waiver election (described in Section 6.05) within the 90 day period ending on the annuity starting date. If, as of the annuity starting date, the Participant is married, a qualified joint and survivor annuity is an immediate annuity which is purchasable with the Participant's Nonforfeitable Accrued Benefit and which provides a life annuity for the Participant and a survivor annuity payable for the remaining life of the Participant's surviving spouse equal to 50% of the amount of the annuity payable during the life of the Participant. If, as of the annuity starting date, the Participant is not married, a qualified joint and survivor annuity is an immediate life annuity for the Participant which is purchasable with the Participant's Nonforfeitable Accrued Benefit. On or before the annuity starting date, the Advisory Committee, without Participant or spousal consent, must direct the Trustee to pay the Participant's Nonforfeitable Accrued Benefit in a lump sum, in lieu of a qualified joint and survivor annuity, in accordance with Section 6.01, if the Participant's Nonforfeitable Accrued Benefit is not greater than $3,500. This Section 6.04(A) applies only to a Participant who has completed at least one Hour of Service with the Employer after August 22, 1984.

  • RIGHT OF ALLOTTEE TO USE COMMON AREAS AND FACILITIES SUBJECT TO PAYMENT OF TOTAL MAINTENANCE CHARGES The Allottee hereby agrees to purchase the [Apartment/Plot] on the specific understanding that is/her right to the use of Common Areas shall be subject to timely payment of total maintenance charges, as determined and thereafter billed by the maintenance agency appointed or the association of allottees (or the maintenance agency appointed by it) and performance by the Allottee of all his/her obligations in respect of the terms and conditions specified by the maintenance agency or the association of allottees from time to time.

  • Can I Roll Over or Transfer Amounts from Other IRAs or Employer Plans If properly executed, you are allowed to roll over a distribution from one Traditional IRA to another without tax penalty. Rollovers between Traditional IRAs may be made once every 12 months and must be accomplished within 60 days after the distribution. Beginning in 2015, just one 60 day rollover is allowed in any 12 month period, inclusive of all Traditional, Xxxx, SEP, and SIMPLE IRAs owned. Under certain conditions, you may roll over (tax-free) all or a portion of a distribution received from a qualified plan or tax-sheltered annuity in which you participate or in which your deceased spouse participated. In addition, you may also make a rollover contribution to your Traditional IRA from a qualified deferred compensation arrangement. Amounts from a Xxxx XXX may not be rolled over into a Traditional IRA. If you have a 401(k), Xxxx 401(k) or Xxxx 403(b) and you wish to rollover the assets into an IRA you must roll any designated Xxxx assets, or after tax assets, to a Xxxx XXX and roll the remaining plan assets to a Traditional IRA. In the event of your death, the designated beneficiary of your 401(k) Plan may have the opportunity to rollover proceeds from that Plan into a Beneficiary IRA account. In general, strict limitations apply to rollovers, and you should seek competent advice in order to comply with all of the rules governing rollovers. Most distributions from qualified retirement plans will be subject to a 20% withholding requirement. The 20% withholding can be avoided by electing a “direct rollover” of the distribution to a Traditional IRA or to certain other types of retirement plans. You should receive more information regarding these withholding rules and whether your distribution can be transferred to a Traditional IRA from the plan administrator prior to receiving your distribution.

  • ANNUITY PROVISIONS Choice of Annuity Date — Unless otherwise changed as provided below, the Annuity Date is shown in the Contract Specifications. We assigned the Annuity Date based on the Contract type chosen and the Annuitant’s Age shown in the application for this Contract. If there are Joint Annuitants, the Annuity Date was based on the younger Annuitant’s birthday. The Annuity Date may be changed by providing proper notice to us at least ten (10) Business Days prior to the current Annuity Date or new Annuity Date, whichever is earlier, subject to any applicable state law or the Code. The new Annuity Date may not be earlier than the first Contract Anniversary and must occur on or before the day the Annuitant reaches his or her 95th birthday, or earlier, as required by any applicable state law or the Code. If there are Joint Annuitants, the Annuity Date will be based on the younger Annuitant’s birthday. You may be subject to additional restrictions under your Qualified Plan. You should consult with your Qualified Plan administrator before you elect an Annuity Date.

  • Third Party Beneficiary Rights The parties do not intend to create in any other individual or entity the status of third party beneficiary and this Contract shall not be construed so as to create such status. The rights, duties and obligations contained in this Contract shall operate only between the parties to this Contract, and shall inure solely to the benefit of the parties to this Contract. The provisions of this Contract are intended only to assist the parties in determining and performing their obligations under this Contract. The parties to this Contract intend and expressly agree that only parties signatory to this Contract shall have any legal or equitable right to seek to enforce this Contract, to seek any remedy arising out of a party's performance or failure to perform any term or condition of this contract, or to bring an action for the breach of this Contract.

  • Qualified Joint and Survivor Annuity An immediate annuity for the life of the Participant with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse and which is the amount of benefit which can be purchased with the Participant's vested account balance. The percentage of the survivor annuity under the Plan shall be 50% (unless a different percentage is elected by the Employer in the Adoption Agreement).

  • Account Limitations Limitations are implemented to help protect PayPal, buyers and sellers when we notice restricted activities, an increased financial risk, or activity that appears to us as unusual or suspicious. Limitations also help us collect information necessary for keeping your PayPal account open. There are several reasons why your PayPal account could be limited, including: • If we suspect someone could be using your PayPal account without your knowledge, we’ll limit it for your protection and look into the fraudulent activity. • If your debit or credit card issuer alerts us that someone has used your card without your permission. Similarly, if your bank lets us know that there have been unauthorized transfers between your PayPal account and your bank account. • In order to comply with applicable law. • If we believe in our sole discretion that you have breached this agreement or violated the Acceptable Use Policy. • Seller performance indicating your PayPal account is high risk. Examples include: indications of poor selling performance because you’ve received an unusually high number of claims and chargebacks, selling an entirely new or high-cost product type, or if your typical sales volume increases rapidly. Unless a permanent limitation is placed on your account, you will need to resolve any issues with your account before a limitation can be removed. Normally, this is done after you provide us with the information we request. However, if we reasonably believe a risk still exists after you have provided us that information, we may take action to protect PayPal, our users, a third party, or you from reversals, fees, fines, penalties, legal and/or regulatory risks and any other liability.

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