Common use of Sharing Information Clause in Contracts

Sharing Information. Each of you may be provided account information including transactions and account related information of the other joint accountholder(s). This includes information about the account prior to it becoming a joint account. ● Debits. If you indicated on the Signature Card, or otherwise in writing, that debits can be made by one of you, then we will debit the account for any cheque, receipt or other voucher which is signed by any one of you and any one of you may debit the account by any other means which we may permit from time to time (including electronically, orally, or by telephone). Each of you is responsible for any unauthorized debit which may occur by any of these means, to the extent provided in any agreement governing that method of debit. ● Deposits. We may deposit to the joint account all cheques which are payable to, or for the credit or account of, any one or more of you, even if they are not endorsed by any of you. ● Joint Tenancy (not applicable if any one of you is resident in Quebec at the time of his/her death). All money which is now or may later be credited to the account (including all interest) is the joint property of all of you with the “right of survivorship”. That means that if one of you dies, all money in the joint account automatically becomes the property of the surviving accountholder(s). To make this legally effective, all of you assign such money to the other (or to the others jointly if there are more than two of you). After your death, we will only have obligations to the surviving accountholder(s), and anyone else making a claim against the joint account after your death must deal with the surviving accountholder(s). We will not recognize any arrangement that requires us to pay the money in the account on death of an accountholder to anyone other than a surviving accountholder. We are not required to act in accordance with any trust intended or granted by you with respect to the account or any monies in it, even if we are aware of such trust, and this binds your estate and any beneficiary of such trust.

Sharing Information. Each of you may be provided account information including transactions and account related information of the other joint accountholder(s). This includes information about the account prior to it becoming a joint account. ● Debits. If you indicated on the Signature CardPersonal Deposit Account and CIBC Overdraft Protection Service Application, or otherwise in writing, that debits can be made by one of you, then we will debit the account for any cheque, receipt or other voucher which is signed by any one of you and any one of you may debit the account by any other means which we may permit from time to time (including electronically, orally, or by telephone). Each of you is responsible for any unauthorized debit which may occur by any of these means, to the extent provided in any agreement governing that method of debit. ● Deposits. We may deposit to the joint account all cheques which are payable to, or for the credit or account of, any one or more of you, even if they are not endorsed by any of you. ● Joint Tenancy (not applicable if any one of you is resident in Quebec at the time of his/her death). All money which is now or may later be credited to the account (including all interest) is the joint property of all of you with the “"right of survivorship”". That means that if one of you dies, all money in the joint account automatically becomes the property of the surviving accountholder(s). To make this legally effective, all of you assign such money to the other (or to the others jointly if there are more than two of you). After your death, we will only have obligations to the surviving accountholder(s), and accountholder(s),and anyone else making a claim against the joint account after your death must deal with the surviving accountholder(s). We will not recognize any arrangement that requires us to pay the money in the account on death of an accountholder to anyone other than a surviving accountholder. We are not required to act in accordance with any trust intended or granted by you with respect to the account or any monies in it, even if we are aware of such trust, and this binds your estate and any beneficiary of such trust.