Common use of ASSETS DISCLOSURE Clause in Contracts

ASSETS DISCLOSURE. Each Spouse warrants to the other that they do not have any knowledge of any assets other than those disclosed in accordance with Section VII. If the Spouses have waived their rights to financial disclosures, then this Section shall not apply to this Agreement. If either Spouse has any knowledge of any asset other than those disclosed in accordance with Section VII, that warrantor shall transfer or pay to the warrantee, at the warrantee’s election, one of the following: If the asset is reasonably susceptible to division, a portion of the asset equal to the warrantee’s interest in it; The fair market value of the warrantee’s interest in the asset on the effective date of this Agreement, plus interest at the maximum rate under State law or ten percent (10%) per annum, whichever is greater, from the effective date to the date of payment; or The fair market value of the warrantee’s interest in the asset on the date on which the warrantee discovers the existence of the asset, plus interest at the maximum rate under State law or ten percent (10%) per annum, whichever is greater, from the discovery date to the date of payment. This provision shall not be deemed to impair the availability, in a court of competent jurisdiction, of any other remedy arising from the nondisclosure of assets.