The following terms and conditions apply to all joint accounts; be they current, investment saving, investment deposit or other accounts, in addition to the terms and conditions pertinent to each type of account as well as the general provisions listed under item (First) above:
- The account shall be managed by the person or persons authorized to that effect upon its opening or thereafter.
- Amounts deposited in the joint account, irrespective of the depositor, shall be equally owned by the account holders, unless otherwise agreed or evidenced.
- The account holders shall be jointly and severally held liable for the settlement of any liabilities or claims to the Bank created on the account regardless of their reasons. The Bank may recover such liabilities from the credit balance of any other individual account in the name of any of the joint account holders. In addition, the share of such individual account holder shall be considered as a security for his indebtedness of the individual account or the other joint accounts in which he is involved. The Bank may make setoff between the credit and debit balances on these accounts as mentioned above.
- The Bank may cease the withdrawal from the joint account and distribute the credit balance to independent accounts for the account holders, each in proportion to his share in the account, without notice or warning, if:
- Any of the holders notifies the Bank of a serious dispute or request closure of the account or its liquidation.
- A lien imposed by the Bank upon any of the holders on whatsoever grounds or reasons.
- The death of any account holder or declared bankrupt or has been incapacitated; hence, the account of the deceased, bankrupt, interdict, or the incapacitated person, as applicable, shall be frozen until distribution of the credit balance among the legally entitled persons.
- The Bank may cease withdrawals from the joint account and distribute the credit balance among the account holders according to their respective shares without the need to serve notice or warning.