Deposit holders definition
Examples of Deposit holders in a sentence
After the death of one of the joint Deposit holders, your rights and obligations related to Deposits held jointly are set out in the Federal Laws of Canada and the laws of Quebec that apply to the survivors’ rights and obligations.
This means that if one of you dies, the Deposit will automatically become the property of the joint Deposit holders that are still alive (the survivors).
All joint Deposit holders must agree to: • first establish an automatic renewal Deposit; • purchase any new Deposit other than by automatic renewal.
The same provisions apply where you hold a Fixed Deposit jointly with another person or with other persons and one party is made bankrupt, although in these circumstances we will require instructions from both the person appointed to deal with the Bankrupt's affairs and the joint Fixed Deposit holder(s).
In some instances, we may act on instructions from one joint GIC or Term Deposit holder even when you indicate in writing that all GIC or Term Deposit holders must give instructions together.
By choosing a joint GIC or Term Deposit, you acknowledge that, after any GIC or Term Deposit holder's death, the GIC or Term Deposit automatically becomes the surviving holders' property.
At any point and for any reason, we may require you or any combination of joint GIC or Term Deposit holders to confirm their instructions or origin of funds.
If we are informed that the primary address of any joint GIC or Term Deposit holders has changed to a Quebec address, the right of survivorship will no longer apply to the joint GIC or Term Deposit.
Right of survivorship means it is your intention that, upon your death, the joint GIC or Term Deposit automatically becomes the property of the surviving joint GIC or Term Deposit holders.
If you make any of these changes, you agree to notify the other joint Deposit holders; • provide statements of Account, Confirmations and notices; • receive notice of errors or objections; If you die, we must receive proof of your death and proof that you have an authorized representative.