Right of Survivorship. Unless otherwise stated on this Application for Share Account, 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). For a multiple party account without rights of survivorship, the deceased owner’s interest passes to his or her estate. A surviving owner’s interest is subject to the Credit Union’s statutory lien for the deceased owner’s obligations, and any security interest or pledge the deceased granted by a deceased owner, even if a surviving owner did not consent to it.
Appears in 4 contracts
Samples: Membership Agreement, Membership Agreement, Membership Agreement
