Common use of Death of a Member Clause in Contracts

Death of a Member. Upon the death of an Account Holder and subject to BECU’s lien, funds are payable to the surviving Joint Account Holders (if any) or others in accordance with the Account Agreements and applicable law. We may require the survivor, court-appointed personal representative, or other claimant to the Accounts to produce certain documents (e.g., to verify identity and authority) before releasing funds or providing access to the Accounts. We may continue to honor transfers, withdrawals, deposits, and other transactions on the Accounts in accordance with applicable law. Once we learn of the death, we may pay checks or honor other payments or transfer orders authorized by the deceased for a period of (ten) (10) days unless we receive instructions from an authorized individual to stop payment on the checks or other items. You agree that we can require anyone who claims funds in your Account after your death to indemnify BECU for any losses resulting from honoring that claim. If the deceased Account Holder was the Primary Member on a Personal Account, or on a Joint Account With Right of Survivorship, or on a Joint Account Without Rights of Survivorship, the Accounts must be closed and either the funds may be transferred to another active or newly established BECU account, or the funds may be disbursed in accordance with BECU account records (for example, but not limited to, any POD designation in our records) or withdrawn by any authorized individual (for example, but not limited to, the Joint Account Holders, or a court-appointed personal representative). You agree that if there is a dispute as to the ownership of the funds after your death, BECU may commence a lawsuit against the claimants to interplead those funds in a Washington state court of proper jurisdiction and be discharged of any liability with respect to those funds.