Escheatment Laws Clause Samples
The Escheatment Laws clause defines the process by which unclaimed or abandoned property, such as uncashed checks or dormant account balances, is transferred to the state after a specified period of inactivity. In practice, this clause outlines the obligations of the parties to identify, report, and remit such property in accordance with applicable state laws, often requiring regular review and notification to the rightful owners before escheatment occurs. Its core function is to ensure compliance with state regulations regarding unclaimed property, thereby protecting both the interests of the property owners and the parties holding the property from legal liability.
Escheatment Laws. Notwithstanding Section 1.3(iii), the Trust shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.
Escheatment Laws. Notwithstanding Section 1.3(iii), the Company shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.
Escheatment Laws. Notwithstanding Section 1.3(iii), the Fund shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.
Escheatment Laws. Notwithstanding Section 1.3(iii), the Client shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.
Escheatment Laws. Notwithstanding Section 1.3(ii) above, each Trust shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory; provided, however, the Transfer Agent shall provide each Trust with a periodic report containing the information the Trust advises is necessary to comply with escheatment laws applicable to the Trust, including, without limitation, for each account to be escheated (if available): name, address, tax identification number, returned mail date, date of birth, date of death, account type, and date of last shareholder contact.