Common use of Multiple Payees Clause in Contracts

Multiple Payees. Unless a Check or other instrument expressly indicates that it is payable to conjunctive payees, or if there is any ambiguity about multiple payees, we will treat the instrument as being payable in the alternative. For example, a Check payable to "A and B" is a conjunctive instrument, and will be paid only to the order of A and

Multiple Payees. Unless a Check or other instrument expressly indicates that it is payable to conjunctive payees, or if there is any ambiguity about multiple payees, we will treat the instrument as being payable in the alternative. For example, a Check payable to "A and B" is a conjunctive instrument, and will be paid only to the order of A andand B. Examples of situations that are not expressly conjunctive or are ambiguous include (but are not limited to) a Check