Single Party Accounts. A single party account is an account owned by one member (individual, corporation, partnership, trust or other organization) qualified for credit union membership. If the account owner dies, the interest passes, subject to applicable law, to the decedent’s estate or Payable on Death (POD) beneficiary /or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal request of an owner of owner’s agent prior to notice of an owner’s death.
Single Party Accounts. An account with only one owner is defined as a single party account. An owner is an individual who is eligible for membership. If the account owner dies, the ownership of the account passes to the decedent’s estate, Payable on Death (POD) beneficiary/payee, or trust beneficiary, subject to other terms of this Membership and Account Agreement and applicable law relating to the processing of payments, transfers, and withdrawal requests of an owner, or owner’s agent, before we are notified of an owner’s death.
Single Party Accounts. Under this type of Account ownership, the sole Party to the Account owns the Account. If you open a Single- Party Account, upon your death and in the absence of any Payable on Death (P.O.D.) designation, ownership of the Account passes as part of your estate under your Will or by the law governing the estate of a person who dies without a valid Will.
Single Party Accounts. An account payable to one (1) party, the owner, (which includes natural persons, corporations, partnerships, trusts established other than by the form of the account, unincorporated associations, and other organizations) qualified for credit union membership. If the owner dies, the account is payable to Payable on Death (POD) beneficiary(ies), if so named, or as a part of the owner's estate under his or her will or by the applicable laws of intestacy. Payment of the account is subject to other provisions of this Agreement protecting the Credit Union for honoring transfer and withdrawal requests by the owner or by the owner's agent prior to notice of the owner's death, and to our statutory lien for the owner's obligations, and to any security interest or pledge granted by the owner.
Single Party Accounts. A single party Account is an Account owned by one member qualified for Credit Union membership.
Single Party Accounts. If this is a single party account, the interest of a deceased owner will pass, subject to applicable law, to the decedent’s estate or payable on death (POD) payee/beneficiary.
Single Party Accounts. If the account is designated as a Single-Party account, the account will be opened and maintained in the name of the one Party, who is the sole signatory thereof. The Party to the account owns the account.
Single Party Accounts. If this is a single party account, the interest of a deceased owner will pass, subject to applicable law, to the decedent’s estate or payable on death (POD) payee/beneficiary. Multiple Party Accounts: Unless otherwise stated on the Account Card, a multiple party account is an account with rights of survivorship, and the interest of a deceased owner will pass to the surviving owner. Any multiple party account owner is authorized and deemed to act for the other owner(s) and the Patent & Trademark Office Federal Credit Union may accept orders and instructions regarding the account, requests for future services, and any transaction from any other account owner. Each multiple party account owner guarantees the signature of the other owners. Any account owner may withdraw all funds in the account, stop payment on items drawn on an account, transfer or pledge to the Patent & Trademark Office Federal Credit Union all or any part of the shares of any account without the consent of the other account owner(s) and the Patent & Trademark Office Federal Credit Union shall have no duty in such event to notify any other account owner(s). The Patent & Trademark Office Federal Credit Union reserves the right at any time to require written consent of all account owners for a change of ownership or termination of a multiple party account. If the Patent & Trademark Office Federal Credit Union receives notice of a dispute between account owners or receives inconsistent instructions from them, the Patent & Trademark Office Federal Credit Union may suspend or terminate the account, require a court order to act, or require that all account owners agree in writing to any transaction concerning the account. If any deposited item is returned unpaid or if the account is overdrawn, each of the multiple party account owners is jointly and severally liable to the Patent & Trademark Office Federal Credit Union for the amount of any returned item, overdrawn amount, or unpaid amount or charges, regardless of who caused or benefited from the transaction. If any account owner is indebted to the Patent & Trademark Office Federal Credit Union, the Patent & Trademark Office Federal Credit Union may enforce its rights against any or all funds in the multiple party account regardless of who contributed the funds to the account. POD Designation: A Payable on Death (POD) account designation is an instruction to the Patent & Trademark Office Federal Credit Union that the account is payable to the own...
Single Party Accounts. A single-party account is an account owned by you alone, which you as the account owner use during your lifetime. In the event of your death the funds in the account will go to your estate (subject to the terms of this agreement). Alternatively, you can designate a specific person or persons or entity as a beneficiary(s)/pod (payable on death) payee(s) for your one owner account in Part 1 of this contract. In the event of your death, the beneficiary(s)/pod payee(s) will be entitled to the funds in the account (subject to the terms of this agreement) upon proof of your death and the beneficiary’s/pod payee’s identification. If you designate more than one beneficiary/pod payee on the account, each will be entitled to his or her (or its) proportionate share of the funds in the account (which will be determined by dividing the amount of the funds in the account by the number of beneficiaries/pod payees designated on the account), and will own those funds without right of survivorship. If a beneficiary/pod payee predeceases you, it is your responsibility to notify us and change the account accordingly. Beneficiary/pod payee designations made on Part 1 of this contract do not apply to Individual Retirement Accounts (IRAs), which have separate beneficiary designations.
Single Party Accounts. An account with only one owner is defined as a single party Account. An owner may include an individual, corporation, partnership, trust or other organization that is eligible for membership. if the account owner dies, the ownership of the account passes to the decedent’s estate, payable on Death (poD) beneficiary/payee or trust beneficiary, subject to other terms of this Membership and Account Agreement, and applicable law relating to the processing of payments, transfers and withdrawal requests of an owner, or owner’s agent, before we are notified of an owner’s death.
