Common use of Non-Consumer Organizational Accounts Clause in Contracts

Non-Consumer Organizational Accounts. Non-consumer accounts may be opened by members and other entities that meet membership qualifications in accordance with the Credit Union’s charter and bylaws. If the organization does not qualify for membership, it can be a joint owner on an account of an existing member. The funds in an organizational account are owned by a corporation, trust, partnership, social club, sports team, etc.  Maine Uniform Transfers to Minors Act – The Uniform Transfers to Minors Act is located at 33 M.R.S.A. Section 1001 et. seq. An adult person may make a gift of money to a person who is a minor. A gift made to a minor under the Act is irrevocable and conveys legal title to the minor. Only the custodian of the account has the authority to withdraw the funds for the benefit of the minor. All funds in the account not expended by the custodian must be delivered to the minor upon reaching the age of eighteen years. For a full copy of the Act visit Maine Revised Statutes at xxx.xxxxx.xxx.

Non-Consumer Organizational Accounts. Non-consumer accounts may be opened by members and other entities that meet membership qualifications in accordance with the Credit Union’s charter and bylaws. If the organization does not qualify for membership, it can be a joint owner on an account of an existing member. The funds in an organizational account are owned by a corporation, trust, partnership, social club, sports team, etc.  • Maine Uniform Transfers to Minors Act – The Uniform Transfers to Minors Act is located at 33 M.R.S.A. 00 X.X.X.X. Section 1001 et. seq. An adult person may make a gift of money to a person who is a minor. A gift made to a minor under the Act is irrevocable and conveys legal title to the minor. Only the custodian of the account has the authority to withdraw the funds for the benefit of the minor. All funds in the account not expended by the custodian must be delivered to the minor upon reaching the age of eighteen years. For a full copy of the Act visit Maine Revised Statutes at xxx.xxxxx.xxx.

Non-Consumer Organizational Accounts. Non-consumer accounts may be opened by members and other entities that meet membership qualifications in accordance with the Credit Union’s charter and bylaws. If the organization does not qualify for membership, it can be a joint owner on an account of an existing member. The funds in an organizational account are owned by a corporation, trust, partnership, social club, sports team, etc.  • Maine Uniform Transfers to Minors Act – The Uniform Transfers to Minors Act is located at 33 M.R.S.A. Section 1001 et. seq. An adult person may make a gift of money to a person who is a minor. A gift made to a minor under the Act is irrevocable and conveys legal title to the minor. Only the custodian of the account has the authority to withdraw the funds for the benefit of the minor. All funds in the account not expended by the custodian must be delivered to the minor upon reaching the age of eighteen years. For a full copy of the Act visit Maine Revised Statutes at xxx.xxxxx.xxx.