Payable on Death definition

Payable on Death. Accounts For an individual or joint account, you may choose to make your account payable on your death to one or more payable on death (“POD”) beneficiaries. You can make your account a POD account by instructing us to list each POD beneficiary on the account and complying with the applicable state law. The applicable state law usually imposes requirements that must be met to create a POD account. As an example, you may have to include certain words or letters in the account title to create a POD account, such as: “payable on death,” “POD,” “in trust for,” “ITF,” “as trustee for,” “ATF,” “transfer on death,” “XXX,” or “Xxxxxx Trust.” You are solely responsible for meeting these requirements. We may treat an account which names a POD beneficiary as a POD account. However, if the applicable requirements are not met, we may treat your account as though there is no POD beneficiary. During your lifetime, a POD account belongs to you. You may close the account, remove or add one or more POD beneficiaries, change the account type or ownership, and withdraw all or part of the funds in the account. When the account owner or last co- owner dies, we may pay any funds remaining in the account to the then-surviving (if any) POD beneficiary(ies), subject to our right to charge the account for any amount a deceased owner, co-owner or POD beneficiary owes us. We may distribute the account balance, subject to any bank claims, to such beneficiaries payable to one or all surviving beneficiaries jointly, or payable individually, in equal shares, to each surviving beneficiary. A POD beneficiary does not acquire an interest in the account until after the death of the account owner or the last co-owner. A POD beneficiary may acquire an interest in the account at that time but only if the POD beneficiary is alive.
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Payable on Death account and “In trust for” account If you establish your account “payable on death” to one or more beneficiaries, the account is a “POD” account. If you establish your account as “in trust for” (“ITF”) or as trustee for one or more beneficiaries without presenting formal trust documents, we may treat the account as a “Xxxxxx Trust,” “informal trust,” or “ITF” account. If there are multiple trustees, until the death of all trustees, the account will be treated as a joint account of the trustees with rights of survivorship as described above. Upon the death of the last remaining trustee, any balance in the account not subject to lien and set-off will be paid to the named Beneficiary or, if there are multiple beneficiaries, distributed evenly to the named beneficiaries. The Bank may require certain legal documents before releasing the funds on deposit. If a Beneficiary predeceases the last remaining trustee, the account will be distributed evenly to the surviving beneficiaries, or if there are no surviving beneficiaries, the account will become an individual account of the trustee. The Bank will not accept responsibility to act as a trustee or successor trustee under any circumstances and will have no duty to monitor the account or the status of the trustee(s) or Beneficiary(ies).
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Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 10 Business Accounts 10 Transfer of Ownership and Assignment 11 Authorized Signers and Agents 11 Certificates of Deposit (CD) 11 Renewals 11 Interest Payments 11 Early Withdrawals 12 Interest on Your Funds 12 Checking and Savings Accounts 12 Certificates of Deposit 12 Processing Transactions – Deposits and Cashed Items 13 Cashing Items or Accepting Items for Deposit 13 Cashier’s Checks 13 Checks Lost During Collection 14 Collection Items 14 Demand Drafts and Remotely Created Checks 14 Deposit Delivery and Preparation 14 Deposit Error Correction 14 Endorsing Checks 15 Foreign Instruments 15 Identifying the Account 16 Overpayments and Reversals 16 Returned Items 16 Substitute Checks 17 Unattended Banking Facility 17 Processing Transactions – Withdrawals 17 Check Cashing 17 Check Legends, Restrictions, or Notations 17 Collection Items 18 Examining Checks 18 Facsimile Signature 18 Foreign Currency 18
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Examples of Payable on Death in a sentence

  • Upon the death of an individual account owner, we will pay all funds on deposit in accordance with the specific instructions on the Account Card such as to a Payable on Death Beneficiary.

  • If the account owner dies, the owner's interest passes, subject to applicable law, to the decedent's estate or Payable on Death (POD) beneficiary or trust beneficiary, subject to other provisions of this Agreement and applicable law.

  • A Payable on Death (POD) account is an instruction to us that a single or multiple party account so designated is payable to the owner(s) during their lifetimes and, when the last account owner dies, is payable to any named, living POD beneficiary.

  • A Payable on Death (POD) designation is an instruction to the Credit Union that a designated account is an account payable to the owner or owners during their lifetimes, and upon the death of the last joint account owner, payable to any named and surviving POD beneficiary designated on your Account Card.

  • If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death, and to any security interest or pledge granted by the account owner, and subject to our statutory lien rights.

  • A Payable on Death (POD) account is an account held in the name of one (1) or more persons as owner or owners for one or more persons designated as beneficiaries.

  • The Account cannot be owned or titled jointly, by an organization, as Payable on Death (“POD”) or “In Trust For” (“ITF”).

  • Payable on Death ("POD") accounts are governed by your agreements with the Credit Union and applicable state law.

  • If the account owner dies, the interest passes, subject to applicable law, to the account owner’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death and to any security interest or pledge granted by the account owner and subject to our statutory lien rights.

  • If the account owner dies, the interest passes, subject to applicable law, to the decedent’s estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death.


More Definitions of Payable on Death

Payable on Death. Death Of Owner During The Accumulation Period Death Benefit Amount During The Accumulation Period Death Benefit Options During The Accumulation Period Death Of Owner During The Annuity Period Death Of Annuitant Payment Of Death Benefit Beneficiary Change Of Beneficiary SUSPENSION OR DEFERRAL OF PAYMENTS PROVISION OWNER, ANNUITANT, OWNERSHIP, ASSIGNMENT PROVISIONS Owner Joint Owner Annuitant Assignment Of The Contract ANNUITY PROVISIONS General Annuity Date Selection Of An Annuity Option Frequency And Amount Of Annuity Payments Annuity Options Option A. Life Annuity Option B. Life Annuity With Period Certain Of 120 Months Option C. Joint And Survivor Annuity Option D. Period Certain Annuity Fixed Annuity Variable Annuity Annuity Unit Mortality Tables GENERAL PROVISIONS The Contract Misstatement Of Age Incontestability Modification Non-Participating Evidence Of Survival Proof Of Age Protection Of Proceeds Reports Taxes Regulatory Requirements ANNUITY TABLES CONTRACT SCHEDULE OWNER: [John Smith] AGE AND XXX: [00 Male] ANNUITANT: [John Smith] AGE AND SEX: [00 Xxxe] CONTRACT NUMBER: [12345] ISSUE DATE: [July 01, 1995] ANNUITY DATE: [July 01, 2010] CONTRIBUTIONS:
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Payable on Death. (“POD”) Accounts 09 Uniform Transfer to Minor Accounts 09 Other Nonpersonal Accounts 09 Transfer of Ownership and Assignment 09 Authorized Signers and Agents 10 Certificates of Deposit (CD) 10 Renewals 10 Interest Payments 10 Early Withdrawals 10
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Payable on Death. Accounts If you open an individual or joint trustee account “in trust” for someone else (and there is no trust document) or you designate it as a Payable-On-Death Account, the account will pass to the beneficiary named on the signature card upon the death of the last surviving account owner. If there is more than one (1) beneficiary, each will receive an equal share of the funds unless you have given us other specific written instructions. During your lifetime, you may exercise full control over the account and may make deposits to and withdrawals from the account. Documented Trust Accounts If you are a trustee and want to establish an account in connection with a written trust, we may require you to provide us with a notarized trust certification, confirming your power as trustee, prior to opening the account. We are not required to know, understand, interpret, or enforce the terms of any trust document, even if a trust document is provided to us.
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Payable on Death. Accounts For an individual or joint account, you may choose to make your account payable on your death to one or more payable on death (“POD”) beneficiaries. You can make your account a POD account by instructing us to list each POD beneficiary on the account and complying with Texas law. Texas law may impose requirements that must be met to create a POD account. As an example, you may have to include certain words or letters in the account title to create a POD account, such as: “payable on death,” “POD,” “in trust for,” “ITF,” “as trustee for,” “ATF,” “transfer on death,” “XXX,” or “Xxxxxx Trust.” You are solely responsible for meeting these requirements. We may treat an account which names a POD beneficiary as a POD account. However, if the applicable requirements are not met, we may treat your account as though there is no POD beneficiary.
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Payable on Death. Designation If you establish your account as payable on death to one or more beneficiaries, the account is a "POD" account. If we receive proof you've died, we will pay the balance of the account to the beneficiary(ies) you designated. We may require beneficiary(ies) to complete claim paperwork prior to paying out any funds. Multiple beneficiaries will be paid in equal shares.
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Related to Payable on Death

  • Brain Death means irreversible unconsciousness with total loss of brain function; and complete absence of electrical activity of the brain, even though the heart is still beating.

  • Termination Other Than For Cause means termination by the Company of Employee's employment by the Company for reasons other than those which constitute Termination for Cause.

  • Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value.

  • Termination due to Disability means a termination of the Executive’s employment by the Company because the Executive has been incapable, after reasonable accommodation, of substantially fulfilling the positions, duties, responsibilities and obligations set forth in this Agreement because of physical, mental or emotional incapacity resulting from injury, sickness or disease for a period of (A) six (6) consecutive months or (B) an aggregate of nine (9) months (whether or not consecutive) in any twelve (12) month period. Any question as to the existence, extent or potentiality of the Executive’s disability shall be determined by a qualified physician selected by the Company with the consent of the Executive, which consent shall not be unreasonably withheld. The Executive or the Executive’s legal representatives or any adult member of the Executive’s immediate family shall have the right to present to such physician such information and arguments as to the Executive’s disability as he, she or they deem appropriate, including the opinion of the Executive’s personal physician.

  • Fetal death means death prior to complete expulsion or extraction from its mother of a product of human conception, irrespective of the duration of pregnancy; the death is indicated by the fact that after such expulsion or extraction the fetus does not breathe or show any evidence of life such as beating of the heart, pulsation of the umbilical cord, or definite movement of voluntary muscles.

  • CIC Qualifying Termination means a Separation (A) within twelve (12) months following a Change in Control or (B) within three (3) months preceding a Change in Control (but as to part (B), only if the Separation occurs after a Potential Change in Control) resulting, in either case (A) or (B), from (i) the Company terminating the Executive’s employment for any reason other than Cause or (ii) the Executive resigning his or her employment for Good Reason. A termination or resignation due to the Executive’s death or disability shall not constitute a CIC Qualifying Termination. A “Potential Change in Control” means the date of execution of a legally binding and definitive agreement for a corporate transaction which, if consummated, would constitute the applicable Change in Control (which for the avoidance of doubt, would include, for example, a merger agreement, but not a term sheet for a merger agreement). In the case of a termination following a Potential Change in Control and before a Change in Control, solely for purposes of benefits under this Agreement, the date of Separation will be deemed the date the Change in Control is consummated.

  • Early Opt-in Effective Date means, with respect to any Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from Lenders comprising the Required Lenders.

  • Involuntary Termination Without Cause means Executive’s dismissal or discharge by the Company other than for Cause. The termination of Executive’s employment as a result of Executive’s death or disability will not be deemed to be an Involuntary Termination Without Cause.

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • Accidental Death means death due to accident, where accident is a sudden, unforeseen and involuntary event caused by external and visible means

  • Qualifying Retirement means the Employee’s voluntary termination of employment after the Employee has (i) attained (X) age sixty-five (65), (Y) age fifty-five (55) with ten (10) Years of Service as a full-time employee of the Partnership or any of its Affiliates, or (Z) an age which, when added to such Years of Service of the Employee equals at least seventy-five (75), and (ii) previously delivered a written notice of retirement to the Partnership and on the date of retirement the Employee has satisfied the minimum applicable advance written notice requirement set forth below: Age at Voluntary Termination Number of Years of Advance Notice 58 or younger 59 60 or older 3 years 2 years 1 year By way of illustration, and without limiting the foregoing, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee later terminates employment at age fifty-nine (59), then the Employee’s retirement at age fifty-nine (59) would not constitute a Qualifying Retirement. However, if (i) the Employee is eligible to retire at age fifty-nine (59) after ten (10) Years of Service, (ii) the Employee gives two (2) years notice at age fifty-eight (58) that the Employee intends to retire at age sixty (60), and (iii) the Employee terminates employment upon reaching age sixty (60), then the Employee’s retirement at age sixty (60) would constitute a Qualifying Retirement.

  • Voluntary Termination means the termination by Executive of Executive's employment following a Change in Control which is not the result of any of clauses (i) through (v) set forth in the definition of Involuntary Termination above.

  • Net death benefit means the amount of the life insurance policy or certificate to be settled less any outstanding debts or liens.

  • Trust Termination Date shall have the meaning specified in Section 8.01.

  • Business owned by a person with a disability means a business concern that is at least 51% owned by one or more persons with a disability and the management and daily business operations of which are controlled by one or more of the persons with disabilities who own it. A not- for-profit agency for persons with disabilities that is exempt from taxation under Section 501 of the Internal Revenue Code of 1986 is also considered a "business owned by a person with a disability".

  • Accrued Amounts means:

  • Death means only death resulting from compensable injury

  • Accrued Obligations are (i) Executive’s accrued but unpaid salary through the date of termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

  • Accrued Obligation means the sum of (x) the Executive's Annual Base Salary through the Date of Termination for periods through but not following his Separation From Service and (y) any accrued vacation pay earned by the Executive subject to any applicable Company policies on carryover of accrued vacation pay, and in each case, to the extent not theretofore paid.

  • Early Termination Amount means, in respect of any Note, its principal amount or such other amount as may be specified in, or determined in accordance with, these Conditions or the relevant Final Terms;

  • Involuntary Termination means a termination of your employment with the Company pursuant to either (i) a termination initiated by the Company without Cause, or (ii) your resignation for Good Reason, and provided in either case such termination constitutes a Separation from Service. An Involuntary Termination does not include any other termination of your employment, including a termination due to your death or disability.

  • Qualifying Termination means a termination of Executive’s employment (i) by the Company other than for Cause or (ii) by Executive for Good Reason. Termination of Executive’s employment on account of death, Disability or Retirement shall not be treated as a Qualifying Termination.

  • Termination Amount has the meaning set forth in Section 7.02(a).

  • Termination of Service means: