Right of Survivorship. A multiple party account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
Appears in 5 contracts
Samples: Membership and Account Agreement, Membership and Account Agreement, Membership and Account Agreement