Joint Account - With Survivorship Sample Clauses

Joint Account - With Survivorship. (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intends that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account - No Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. Each owner’s percentage ownership in the account is determined according to state law. Ownership can vary depending on respective contributions and their sources. Because we will be unable to determine respective ownership percentages conclusively upon the death of an owner, you agree that we may pay out all or part of account funds on the instructions of either the decedent’s personal representative or any surviving owner notwithstanding the absence of a right of survivorship. Our authority to make such payments shall not affect the respective rights of the decedent’s personal representative and surviving owners to their proper ownership percentages of account proceeds, which they may seek to have determined judicially. Ownership as tenants in common will not affect the number of signatures necessary for withdrawal.
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Joint Account - With Survivorship. If there is more than one authorized signer on this account, all monies credited to it, including dividends, shall be the property of the signers as joint tenants, and not as tenants in common. You each authorize us to pay any and all funds deposited in this account without reference to the original ownership of the funds so deposited. Withdrawals may be made by any of you, and in the case of death, funds may be withdrawn by the survivor(s) or personal representative(s) of the survivor(s) as provided in Minnesota Statutes, Chapter 528. If two or more of you survive, you intend and agree that you hold the balance in the account as joint tenants with survivorship and not as tenants in common. If the survivor(s) are not eligible for primary membership in TruStone, the account will be closed. When we receive notice of the death or incompetence, we may, but are not obligated to, restrict or prohibit further withdrawals until we are satisfied our obligations under the law and this Agreement have been met. Each of you authorizes each other person signing on the membership application to endorse any item payable to you or your order for deposit or any other transaction involving a check. You authorize us to supply any needed endorsement to any item payable to you or other joint tenants. Joint tenants legally have access to funds in your Primary Share and/or Line of Credit when the Primary Share and/or Line of Credit provide automatic overdraft protection to your checking account. If there is an overdraft in the account, you agree to be individually and jointly liable to us, regardless of which of you wrote or otherwise authorized the item that created the overdraft or benefited from the proceeds of the item. When we receive notice of the death or incompetency of a joint tenant, or this account is changed or closed, these powers shall no longer exist with respect to the deceased joint tenant. The primary member is the only owner of the account who may at any time, without the consent of the other joint tenant(s), add a joint tenant. Instructions to remove one of your names from the account or to restrict its use by any of you may only be made by the person whose name is to be removed or whose use of the account is to be restricted, by that person’s legal representative(s) or by court order.
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