Common use of Payable-on-Death Designation Clause in Contracts

Payable-on-Death Designation. A POD account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement shall be made in equal shares to each of the beneficiaries. Any POD designation shall not apply to Individual Retirement Accounts (IRAs) which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.

Payable-on-Death Designation. A POD payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement shall will be made in equal shares to each of the beneficiaries. Any POD designation shall will not apply to Individual Retirement Accounts (IRAs) which shall will be governed by a separate beneficiary designation. The Credit Union shall at no time does not have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.

Payable-on-Death Designation. A POD payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us you to the extent of any outstanding matured or unmatured debts owed to us you by youme, and second, to your my designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us you to the extent of any outstanding matured or unmatured debts owed to us you by me or any of youjoint account owner, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement shall will be made in equal shares to each of the beneficiaries. Any POD designation shall will not apply to Individual Retirement Accounts (IRAs) which shall will be governed by a separate beneficiary designation. The Credit Union shall at no time does not have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account. I understand that it is my responsibility (and not yours) to inform any person or organization that he, except as otherwise provided by lawshe or it is a POD beneficiary on my account(s). If a POD beneficiary on the account dies before me, it is my responsibility to notify you and change the account accordingly.

Payable-on-Death Designation. A POD payable-on-death (POD) account designation is an instruction to the Credit Union that an account so designated is payable to the owner or owners during their lifetime, and upon the death of the last account owner, payable first to us to the extent of any outstanding matured or unmatured debts owed to us by you, and second, to your designated POD payee(s). If the account is a joint account, all sums are payable to one or more account owner(s) during their lives and on the death of all of them, first to us to the extent of any outstanding matured or unmatured debts owed to us by any of you, and second, to one or more POD payees then surviving in equal and undivided shares. Accounts payable to more than one surviving beneficiary are owned jointly by such beneficiaries without rights of survivorship and disbursement shall be made in equal shares to each of the beneficiaries. Any POD designation shall not apply to Individual Retirement Accounts (IRAs) which shall be governed by a separate beneficiary designation. The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.