Common use of Joint Accounts with Right of Survivorship Clause in Contracts

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 on your account be connected with the word “and,” you agree that we may treat the account like any other joint account, and that we may rely on the instructions and/or signature of any joint account owner, and the rules in this Agreement will apply to your account so titled. If one of the joint owners of the account owes us money that is due, we can, to the extent permitted by this Agreement and not prohibited by Applicable Law, use the funds in the joint account to pay the debt, regardless of who deposited the funds into the joint account. Similarly, from time to time we may be required by Applicable Law to remit funds held in the joint account to satisfy a judgment, execution, levy or court order entered against, or other valid debts incurred by, any owner of the joint account. We may do so regardless of who deposited the funds into the joint account. If we receive conflicting instructions from the owners of the joint account, we have the right to refuse further payment except on a final court order or a release that is in a form acceptable to us and that is signed by all joint owners of the account.

Joint Accounts with Right of Survivorship. (Not as Tenants in Common). If your account is in two or more namesnames (without a fiduciary, beneficiary, or other designation as discussed below), it is a joint account. Unless indicated otherwise, All joint accounts that you have with us are with the right of survivorship, and not as tenants in common. This means that each of you as a joint owner of the account is considered jointly and severally liable to us for the entire amount of any obligation or liability to us regarding the account, or for any Losses regarding the account. It also 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 If more than one joint owner survives, they will own the account as joint tenants with right of the accountsurvivorship, all of you are considered jointly and severally liable to us for the entire amount of any obligation (such not as any fees on your account) or liability to us regarding the account, or for any Losses regarding the accounttenants in common. Each joint owner appoints the other(s) other 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), add additional joint owners to the account, 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, but we reserve the right to require the consent of all joint owners before allowing such an appointment. 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 Appointmentsaccounts. You agree that any money in a joint account may be paid to any one owner or any of the joint owners, whether or not we have notice that the other owner or owners are deceased at the time of payment. 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(s). All payments we make from an account at the request of any owner, or the agent of any owner, in accordance with the terms of this Agreement will constitute a complete release and discharge of us from all claims regarding the amounts so paid. While you may request that the names on your account be connected with the word “and,” ”, you agree that we may treat the account like any other joint account, and that we may rely on the instructions and/or signature of any one joint account owner, and the rules in this Agreement will apply to your account so titledapply. If one or more of the joint owners of the account owes us money that is due, due we can, to the extent permitted by this Agreement and not prohibited by Applicable Law, use the funds in the joint account to pay the debt, regardless of who deposited the funds into the joint account. Similarly, from time to time we may be required by Applicable Law to remit funds held in the joint account to satisfy a judgment, execution, levy or court order entered against, or other valid debts incurred by, any owner of the joint account. We may do so regardless of who deposited the funds into the joint account. If we receive conflicting instructions from the owners of the joint account, account we have the right to refuse further payment except on a final court order or a release that is in a form acceptable to us and that is signed by all joint owners of the account.