Common use of STATE UNCLAIMED PROPERTY LAW DISCLOSURE Clause in Contracts

STATE UNCLAIMED PROPERTY LAW DISCLOSURE. Unless preempted by federal law, the assets in the Participant’s Account are subject to state unclaimed property laws which provide that if no activity occurs in the Participant’s Account within the time period specified by the particular state law, the Participant’s assets must be transferred to the appropriate state. The Custodian is required by law to advise the Participant that his or her assets may be transferred to a state in compliance with state law.