Payable on Death Accounts Sample Clauses

Payable on Death Accounts. Payable on death accounts belong to the person(s) listed as the owner or owners of the account during their lives. On death, the funds automatically belong to the person or persons designated as payable on death beneficiaries. Any person named as a payable on death beneficiary of your regular share account will also be a payable on death beneficiary of all your other accounts at your credit union, except for share draft (checking) accounts and IRA accounts.
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Payable on Death Accounts. Without having to establish a formal trust, you may, subject to applicable law, designate your account to be payable on your death to one or more designated beneficiaries ( payable on death or P.O.D. account ) by giving us a written (or, if applicable, electronic) beneficiary designation in the form we require in our discretion from time to time. You may designate up to six individual beneficiaries. We reserve the right to request a TIN (either a SSN or ITIN) and/or other identifying information for each beneficiary that you designate. Designated beneficiaries must have a valid U.S. mailing address. If you establish a payable on death account, the account belongs to you during your lifetime and your beneficiaries have no interest in and no access to the account until your death. Upon your death (or in the case of a Joint Account, on the death of the last-surviving Joint Account owner), all of the funds in the payable on death account will be owned by the beneficiary if then living (or in the case where there is more than one beneficiary, in equal shares by the beneficiaries then living). The funds in your P.O.D. account are not governed by your will or inherited by your heirs if a beneficiary is living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner). If there is more than one beneficiary living upon your death (or, if applicable, upon the death of the last-surviving Joint Account owner), in our sole discretion and subject to our right of set-off and security interest, we may pay the funds in a P.O.D. account in equal shares to the account’s then-living beneficiaries at the time of payment, or pay the funds by issuing a check in the name of all then-living beneficiaries, and giving the check to any one then-living beneficiary. We have no obligation to notify any beneficiary of the existence of a P.O.D. account or the vesting of an interest in such an account. Certain state law restrictions may apply to P.O.D. accounts. You are solely responsible for complying with applicable law in establishing a payable on death account. We make no representation that designating your account as a payable on death account is advisable. You should consult an attorney or other qualified estate planning professional before designating your account as a payable on death account. It may be advisable or appropriate to obtain spousal or domestic partner consent if you reside in a community property state (for example, AZ, CA, ID, LA, ...
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Payable on Death Accounts. A Payable on Death (POD) account designation is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetime and, when the last account owner dies, payable to all surviving POD or beneficiary/payee. Upon the death of the last account owner, if there is more than one surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without the right of survivorship upon the death of the last account owner. Any POD or beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary/payee of the existence of any account or the vesting of the beneficiary/payee’s interest in any account, except as otherwise provided by law. Accounts to Minors. We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. Uniform Transfers to Minors Accounts. A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor barring a court order otherwise, is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account, until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawal. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners. Once the age of majority is reached, we may limit the type of transactions until action is taken on the account.
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Payable on Death Accounts. Payable-on-death accounts belong to the person(s) listed as the owner or owners of the account during their lives. On death, the funds automatically belong to the person or persons designated as payable-on-death beneficiaries. Any person named as a payable-on-death beneficiary of your regular savings account will also be a payable-on-death beneficiary of all your savings and sub accounts of that regular savings account.
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Payable on Death Accounts. An account where the account owner names one (1) or more parties as beneficiaries is considered a Payable on Death Account (a “POD Account”). A POD Account is governed by the applicable law of the account domicile state. Accounts in Missouri are established pursuant to Section 362.471 X.X.Xx. and not under the Nonprobate Transfers Law of Missouri. A POD Account belongs to the owner(s) during their lifetimes and not to the POD beneficiary or beneficiaries. If the POD Account has two (2) or more joint account owners living, the account will be treated as a joint account with rights of survivorship. Upon the death of a joint account owner, the balance in the account belongs to any surviving account owner(s). If (i) all account owners are deceased, and (ii) the beneficiary is then living, and (iii) the requirements under Section II F of this Agreement have been satisfied, a beneficiary shall then have the right to claim the balance of the account funds as of the date of death of the last surviving account owner, minus transactions authorized by the account owner or deposited benefit payments made prior to death, or funds subject to our right of setoff and security interest in the account. If two (2) or more beneficiaries are named and survive the death of all owners, these beneficiaries will own the funds in equal shares, without right of survivorship. If a beneficiary dies before the account owner(s), neither that beneficiary’s heirs nor estate have any interest in the funds upon the death of the account owner(s). Upon request for payment by any beneficiary, we will pay to all of the beneficiaries surviving at the death of the last surviving owner, the balance of the account minus transactions authorized by the account owner deposited benefit payments made prior to death, or funds subject to our right of setoff and security interest in the account, as of the date of the account owner(s) death either by check payable jointly to all these beneficiaries or by separate checks in equal shares. If the account was opened at a branch located in Kansas, the funds may be subject to a claim of the Secretary of Social and Rehabilitation Services pursuant to K.S.A. 39-709(g). Account owners may at any time remove any or all of the beneficiaries or name additional beneficiaries; provided, however, all of the account owners must agree to the change on a form acceptable to us. We may request proof of death of the original owner(s) and any beneficiaries and require identifica...
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Payable on Death Accounts. For sole owner or joint Accounts, you may choose to make your Account payable on your death to one or more payable on death (“POD”) beneficiaries, including through an informal or Xxxxxx trust. The applicable state law usually imposes requirements that must be met in order to create a POD account. You may be required to include certain words or letters in the Account title to create a POD account, such as: “payable on death”, “POD”, “in trust for”, “ITF”, “transfer on death”, “XXX”, or “Xxxxxx Trust”. You are responsible for meeting any applicable state requirements for establishing a POD account; however, in the event those requirements are not met, Bank may treat the Account as if no POD beneficiary was named. If you establish your Account as a POD account, the Account will remain payable to the Account holder(s) during his or her lifetime. The beneficiaries have no right to any funds in the Account during your lifetime. As the owner of the Account, you may withdraw money from the Account and, by written direction to Bank, change the beneficiary(ies) on the Account. Once Bank receives sufficient evidence of the death of the last Account holder, Bank will pay the balance of the Account to the beneficiary or beneficiaries you designated. If there is more than one surviving beneficiary, the respective interest of each shall be deemed to be in equal shares, unless otherwise stated in Bank’s Account records and as allowed by applicable state law. If there is no surviving beneficiary upon the death of the last trustee or Account holder, state law will determine ownership of the funds in the Account.
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Related to Payable on Death Accounts

  • Payment Upon Death When an employee dies, any and all accrued, unused vacation leave to his/her credit shall be paid to the surviving spouse. In the event that the employee has no surviving spouse, said unused vacation leave shall be paid to the employee's estate. Such payment shall be paid at the employee's hourly rate of pay at time of death in a lump sum (less applicable withholding), less any amounts owed by the employee to the City.

  • Cash Accounts The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a “Cash Account”) in such currencies as may be required in connection with the investment activity of the Client.

  • Termination on Death If this Agreement terminates pursuant to the death of Executive under subsection 6(e), then the Company shall pay to Executive’s wife, if she has not predeceased him and if she is married to Executive on the date of his death, a lump sum payment (the “Widow Payment”) in cash equal to one year of Executive’s salary at the then current rate in effect at the time of Executive’s death. The Company shall make the Widow Payment within 60 calendar days after the Executive’s death. If Executive is not married at the time of his death or if Executive’s wife has predeceased Executive, the Company shall not be obligated to make any payment to Executive’s estate. If the Company elects to purchase life insurance for Executive to fund, in whole or in part, its obligations under this subsection 7(d), Executive agrees to designate his wife as the primary beneficiary of such insurance while he is married, and any payment of the Widow Payment by the Company will be less the sum of any life insurance purchased by the Company payable to Executive’s beneficiaries upon his death. Additionally, in the event of Executive’s death, the Company shall pay to Executive’s wife, or his estate if she has predeceased him or is not married to him on the date of his death, Executive’s accrued but unpaid salary and any amount due (and not previously paid) to Executive under subsection 3(e) for reasonable expenses incurred by Executive in the performance of his duties hereunder.

  • Repayment Upon Death If the Survivor's Option is affirmatively specified on the face hereof, the Holder of the Security shall have the right to require the Company to repay a Security prior to its maturity date upon the death of the beneficial owner of the Security as described below. The Company calls this right the "Survivor's Option." Upon exercise of the Survivor's Option, the Company will, at its option, either repay or repurchase any Security (or portion thereof) properly tendered for repayment by or on behalf of the person (the "Representative") that has authority to act on behalf of the deceased beneficial owner of the Security at a price equal to the sum of: • 100% of the principal amount of the deceased beneficial owner's beneficial interest in such Security, and • accrued and unpaid interest, if any, to the date of such repayment or repurchase, subject to the following limitations. The Survivor's Option may not be exercised unless the Security was owned by the beneficial owner or the estate of that beneficial owner at least six months prior to such exercise. In addition, the Company may limit the aggregate principal amount of Securities as to which the Survivor's Option may be exercised as follows: • In any calendar year, the Company may, in its sole discretion, limit the aggregate principal amount to the greater of 2% of the outstanding aggregate principal amount of the Securities as of December 31 of the most recently completed calendar year or $2,000,000. The Company calls this limitation the "annual put limitation." • For any individual deceased beneficial owner of Securities, the Company may limit the aggregate principal amount to $250,000 for any calendar year. The Company calls this limitation the "individual put limitation." The Company will not make principal repayments pursuant to the exercise of the Survivor's Option except in principal amounts of $1,000 and multiples of $1,000. If the limitations described above would result in the partial repayment of any Security, the principal amount of the Security remaining outstanding after repayment must be at least $1,000. An otherwise valid election to exercise the Survivor's Option may not be withdrawn. Each Security (or portion thereof) tendered pursuant to a valid exercise of the Survivor's Option will be accepted in the order all such Securities are received by the Trustee, unless the acceptance of that Security would contravene the annual put limitation or the individual put limitation. If, as of the end of any calendar year, the aggregate principal amount of Securities (or portions thereof) that have been tendered pursuant to the valid exercise of the Survivor's Option during that year has exceeded either the annual put limitation or the individual put limitation for that year, any exercise(s) of the Survivor's Option with respect to Securities (or portions thereof) not accepted during such calendar year because such acceptance would have contravened either such limitation shall be deemed to be tendered in the following calendar year in the order all such Securities (or portions thereof) were originally tendered. Any Security (or portion thereof) accepted for repayment or repurchase pursuant to exercise of the Survivor's Option will be repaid or repurchased on the first Interest Payment Date to occur at least 20 calendar days after the date of acceptance. If that date is not a Business Day, payment will be made on the next succeeding Business Day. In the event that a Security (or any portion thereof) tendered for repayment or repurchase pursuant to valid exercise of the Survivor's Option is not accepted, the Trustee will deliver a notice by first-class mail to the registered Holder, at that Holder's last known address as indicated in the Security register, that states the reason that the Security (or portion thereof) has not been accepted for repayment. Subject to the foregoing, in order to validly exercise a Survivor's Option, the Trustee must receive from the Representative of the deceased beneficial owner: • appropriate evidence satisfactory to the Trustee (A) that the deceased was the beneficial owner of such Security at the time of death and the interest in such Security was owned by the deceased beneficial owner or his or her estate at least six months prior to the request for repayment or purchase, (B) that the death of such beneficial owner has occurred, (C) of the date of such death, and (D) that the Representative has authority to act on behalf of the deceased beneficial owner; • if the interest in the Security is held by a nominee of the deceased beneficial owner, a certificate satisfactory to the Trustee from such nominee attesting to the deceased's beneficial ownership of the Security; • a written request for repayment signed by the Representative, with the signature guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States; • if applicable, a properly executed assignment or endorsement; • tax waivers and such other instruments or documents that the Trustee reasonably required in order to establish the validity of the beneficial ownership of the Security and the claimant's entitlement to payment; and • any additional information the Trustee reasonably required to evidence satisfaction of any conditions to the exercise of the Survivor's Option or to document beneficial ownership or authority to make the election and to cause the repayment or repurchase of the Security. Subject to the annual put limitation and the individual put limitation, all questions as to the eligibility or validity of any exercise of the Survivor's Option will be determined by the Trustee in its sole discretion. The Trustee's determination will be final and binding on all parties. The death of a person holding a beneficial interest in a Security as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased Holder's spouse, will be deemed the death of the beneficial owner of the Security, and the entire principal amount of the Security so held will be subject to the Survivor's Option. The death of a person holding a beneficial interest in a Security as a tenant in common with a person other than such deceased Holder's spouse will be deemed the death of the beneficial owner of a Security only with respect to the deceased Holder's interest in the Security. The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of ownership of a Security will be deemed the death of the beneficial owner for purposes of the Survivor's Option, regardless of the registered Holder of the Security, if such beneficial interest can be established to the satisfaction of the Trustee. Such beneficial interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership arrangements between a husband and wife and custodial and trust arrangements where one person has substantially all of the beneficial ownership interest in the Security during his or her lifetime. For Securities represented by a Global Security, the Depositary or its nominee shall be the holder of such Security and therefore shall be the only entity that can exercise the Survivor's Option for such Security. To obtain repayment or repurchase pursuant to exercise of the Survivor's Option with respect to such Security, the Representative must provide to the broker or other entity through which the beneficial interest in such Security is held by the deceased beneficial owner (i) the documents described in the third preceding paragraph and (ii) written instructions to such broker or other entity to notify the Depositary of such Representative's desire to obtain repayment or repurchase pursuant to exercise of the Survivor's Option. Such broker or other entity shall provide to the Trustee (i) the documents received from the Representative referred to in clause (i) of the preceding sentence and (ii) a certificate satisfactory to the Trustee from such broker or other entity stating that it represents the deceased beneficial owner. Such broker or other entity shall be responsible for disbursing any payments it receives pursuant to exercise of the Survivor's Option to the appropriate Representative.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Release upon Death (1) If a Securityholder dies, the Securityholder’s escrow securities will be released from escrow. The Escrow Agent will deliver any share certificates or other evidence of the escrow securities in the possession of the Escrow Agent to the Securityholder’s legal representative.

  • Upon Death In the event of the Executive's death during the term hereof, the Executive's employment hereunder shall immediately and automatically terminate.

  • Payment on Death If an employee dies who was entitled to accumulated annual leave under the provisions of this Article, the heirs of such deceased employee shall be paid an amount of money equal to the number of unused hours of annual leave earned or accrued multiplied by the hourly rate of such deceased employee.

  • Retirement Accounts With respect to certain retirement plans or accounts (such as individual retirement accounts (“IRAs”), SIMPLE IRAs, SEP IRAs, Xxxx IRAs, Education IRAs, and 403(b) Plans (such accounts, “Retirement Accounts”), the Transfer Agent, at the request and expense of the Fund, provide or arrange for the provision of various services to such plans and/or accounts, which services may include custodial agent services such as account set-up maintenance, and disbursements as well as such other services as the parties hereto shall mutually agree upon.

  • Vacation Credits Upon Death Earned but unused vacation entitlement shall be made payable, upon termination due to death, to the employee's dependent, or where there is no dependent, to the employee's estate.

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