SOLE PROPRIETORSHIP ACCOUNTS. If Your Account is established as a sole proprietorship Account, You warrant that You are the sole owner of Your business and understand that such Accounts will only be opened by the Credit Union if the documentation presented by You to the Credit Union is in a manner acceptable to Our underwriting policies. You shall take all action necessary so that in the event of Your death, Your estate shall release and indemnify the Credit Union for any payment made at the direction of an authorized signer of Your Account provided the Credit Union has not received actual notice of Your death prior to such payment being made. If You are doing business under an assumed name, You represent that You have properly filed all required paperwork as set out in the laws for the state in which You are organized to do business. It is Your responsibility to determine and understand any legal effects related to this type of Account.
SOLE PROPRIETORSHIP ACCOUNTS. If Your Account is established as a sole proprietorship Account, You warrant that You are the sole owner of Your business and understand that such Accounts will only be opened by the Credit Union if the documentation presented by You to the Credit Union is in a manner acceptable to Our underwriting policies. It is Your responsibility to determine and understand any legal effects related to this type of Account.
SOLE PROPRIETORSHIP ACCOUNTS. If you are a sole proprietor, you agree that upon your death, your estate must release, indemnify and hold us harmless for any payment made at the direction of an attorney-in- fact, agent or Authorized Signer on your Account, unless we have not received notice of your death and had a reasonable opportunity to act on such notice. If you are doing business under an assumed name, you represent and warrant that you have properly filed all assumed name certificates or other documents and taken all other action required by Applicable Law in connection therewith.
SOLE PROPRIETORSHIP ACCOUNTS. A sole proprietorship account is an account owned by the member. If the account is an individual account, the interest of the deceased individual owner will pass, subject to applicable law, to the decedent's estate. If the account is owned by two persons the account is a joint account. The Credit Union permits a spouse to have joint ownership on an account. Any account in which you request joint ownership with your spouse will be an individual account until the Credit Union receives an Account Card signed by the joint owner, at which time the account will be a jointly owned account and the joint ownership rights will apply. If your account is a joint account, the account is owned as a joint account with rights of survivorship. Upon the death of one of the joint account owners, that person's interest will become the property of the surviving joint account owners. Any joint account owner is authorized and deemed to act for the other owner(s). The Credit Union may accept orders and instructions regarding the account and requests for future services from any account owner. Each account owner guarantees the signature of the other owners. Any account owner may withdraw all funds in the account, stop payment on items drawn on an account, withdraw, or pledge all or any part of the shares of any account, without the consent of the other account owner(s) and the Credit Union shall have no duty to notify any other joint account owner(s). If the Credit Union receives written notice of a dispute between account owners or receives inconsistent instructions from them, the Credit Union may suspend or terminate the account, require a court order to act, or require that all joint account owners agree in writing to any transaction concerning the account. If any item deposited in a joint account is returned unpaid or an account is overdrawn, or if we do not receive final payment on any transaction, each of the account owners is jointly and severally liable to the Credit Union for the amount of the returned item, overdraft, or unpaid amount and any fees, regardless of who created the overdraft, deposited or cashed the item or benefited from the transaction. If any account owner is indebted to the Credit Union, the Credit Union may enforce its rights against any or all funds in the joint account regardless of who contributed the funds to the joint account.
SOLE PROPRIETORSHIP ACCOUNTS. If your account is established as a sole proprietorship account, you warrant that you are the sole owner of your business and understand that such accounts will only be opened by the Credit Union if the documentation presented by you to the Credit Union is in a manner acceptable to our underwriting policies. You shall take all action necessary to that in the event of your death, your estate shall release and indemnify the Credit Union for any payment made at the direction of an authorized signer of your account provided the Credit Union has not received actual notice of your death prior to such payment being made. If you are doing business under an assumed name, you represent that you have properly filed all required paperwork as set out in the laws for the state in which you are organized to do business. It is your responsibility to determine and understand any legal effects related to this type of account. ORGANIZATIONAL, PARTNERSHIP OR CORPORATION ACCOUNTS. If your account is established as an organizational, partnership or corporate account, you must supply us with a separate authorization informing us of the authorized signers for the account and provide any other related documents if we request you to do so and you understand that such accounts will only be opened by the Credit Union if the documentation presented by you to the Credit Union is in a manner acceptable to our underwriting policies. It is your responsibility to determine and understand any legal effects related to this type of account. We require that all partners, owners or organizational members be individually eligible for membership. AUTHORIZED SIGNERS. If you establish your account with authorized signers, or you subsequently appoint any authorized signers, you understand and agree that the Credit Union will not at any time be liable for the actions of such authorized signers and/or be obligated to ensure that their actions are in accordance with any instructions you have provided to them. Any appointment of an authorized signer, together with any subsequent revocation or change must be in writing and in a form acceptable to us. It is your responsibility to determine any legal effects related to your appointing any authorized signers on your account.
SOLE PROPRIETORSHIP ACCOUNTS. An individual who operates an unincorporated business under the individual’s own name or under a trade name is a sole proprietor. Sole proprietors may establish business accounts under the sole proprietor's name or under a trade name if a trade name is used by the sole proprietor. Only one person may own a sole proprietorship account. The individual owner/proprietor must be a member or must be eligible for membership in the Credit Union. If you are doing business under a trade or assumed name (a name other than the name of the sole proprietor), you represent that you have filed a Fictitious Name Certificate or o t h e r documents if required by applicable state law. You agree to notify the Credit Union in advance of any change in the form, such as incorporation, of your business. To establish a sole proprietorship account: (i) the individual owner/proprietor must open the account in accordance with the requirements of Paragraph 1 of this Addendum; and (ii) you must provide the Credit Union with a resolution on a form provided by the Credit Union duly executed and certified by the individual owner/proprietor authorizing the opening of the account and indicating the persons authorized to transact business on the account. Only persons authorized by resolution may transact business on the account in a manner consistent with the resolution. The Credit Union may act upon the instructions of a person authorized in the resolution to transact business on the account until the Credit Union receives written notice to the contrary and a new resolution changing the persons authorized to transact business on the account and has a reasonable opportunity to act. You represent that all requisite action has been taken to open, establish and maintain the account and that the resolutions delivered to the Credit Union in connection with the account are true, accurate, and complete and may be conclusively relied upon by the Credit Union. Upon the death of the owner/proprietor, the balance in the account will be paid, subject to applicable law, to the owner/proprietor’s estate. The Credit Union may continue to honor all transfers, withdrawals, deposits, and other transactions on your account(s) until it receives notice of your death and has a reasonable opportunity to act. The Credit Union may pay checks or honor other payment or transfer orders authorized by you for a period of ten (10) days after receipt of notice of your death unless it receives instructions from a person cla...
SOLE PROPRIETORSHIP ACCOUNTS. A sole proprietorship is a business in which one person owns all the assets, owes all the liabilities, and operates in their own personal capacity.
SOLE PROPRIETORSHIP ACCOUNTS. If you open a business account as a “sole proprietor,” your business may not be a corporation, partnership, association, or limited liability company. A sole proprietorship account may only be established by an individual depositor or a husband and wife.
SOLE PROPRIETORSHIP ACCOUNTS. If You are a sole proprietor, the Account may be payable to You as the sole proprietor or in the name of the Business. You agree that upon Your death, Your estate shall release and indemnify (reimburse) Us for any payment made at the direction of an authorized signer on Your Account, provided We have not received actual notice of Your death. If You are doing Business under an assumed name, You represent that You have properly filed all assumed name certificates and other documents required by law. Limited Liability Company. If You are a limited liability company (“LLC”), You agree that the Account is payable only to or on the order of the LLC, and not to any individual member, except as payees on orders drawn on the Account. You represent that the LLC has taken all action necessary to open and maintain an Account and that any certificates or resolutions filed with Us in connection with the Account are true, accurate, complete, and will be kept up to date. We may act upon the instructions of any member, or any other person designated in the resolutions on any action or Transaction involving the Account.
SOLE PROPRIETORSHIP ACCOUNTS. If you are doing business under an assumed or trade name, you represent and agree that you have properly filed all assumed name certificates and other documents required by law in the state of Wisconsin. You agree to notify us in advance of any change in your form of ownership. We may follow the instructions of any authorized signer, even if that person has not yet signed the signature card or other account opening documentation, and we shall have no liability for doing so. If you are a sole proprietor, you agree that upon your death, your estate shall release and indemnify us for any payment made at the direction of an authorized signer on your account, provided we have not received written notice of your death. You also agree we are not obligated to cash checks payable in the name of the sole proprietorship.
