Common use of Unclaimed Property Clause in Contracts

Unclaimed Property. Except as may be required by law, the Bank may take of any the following actions if it gives notice to the Employee or any Beneficiary of an entitlement to a benefit under this Agreement, and the Employee or Beneficiary fails to claim such benefit or fails to provide its location to the Bank within three (3) calendar years of such notice: A. Direct distribution of such benefits, in such proportions as the Bank may determine, to one or more or all, of the Employee’s next of kin, if the Bank knows their location; or X. Xxxx this benefit to be forfeited and paid to the Bank if the location of the Employee’s next of kin is not known. However, the Bank shall pay the benefit, unadjusted for gains or losses from the date of such forfeiture, to the Employee or Beneficiary who subsequently makes proper claim to the benefit. The Bank and any Trustee, if applicable, shall not be liable to any person for payment made in accordance pursuant to applicable state unclaimed property laws.

Unclaimed Property. Except as may be required by law, the Bank Company may take of any the following actions if it gives notice to the Employee Participant or any Named Beneficiary of an entitlement to a benefit under this Agreementthe Plan, and the Employee Participant or Named Beneficiary fails to claim such benefit or fails to provide its their location to the Bank Company within three (3) calendar years of such notice: A. Direct distribution of such benefits, in such proportions as the Bank Company may determine, to one or more or all, of the EmployeeParticipant’s next of kin, if the Bank Company knows their location; or X. Xxxx this benefit to be forfeited and paid to the Bank Employer if the location of the EmployeeParticipant’s next of kin is not known. However, the Bank Employer shall pay the benefit, unadjusted for gains or losses from the date of such forfeiture, to the Employee Participant or Named Beneficiary who subsequently makes proper claim to the benefit. The Bank Employer and any Trustee, if applicable, shall not be liable to any person for payment made in accordance pursuant to applicable state unclaimed property laws.

Unclaimed Property. Except as may be required by law, the Bank Company may take of any the following actions if it gives notice to the Employee a Participant or any Named Beneficiary of an entitlement to a benefit under this Agreementthe Plan, and the Employee Participant or Named Beneficiary fails to claim such benefit or fails to provide its their location to the Bank Company within three (3) calendar years of such notice: A. Direct distribution of such benefits, in such proportions as the Bank Company may determine, to one or more or all, of the Employeea Participant’s next of kin, if the Bank Company knows their location; or X. Xxxx this benefit to be forfeited and paid to the Bank Employer if the location of the Employeea Participant’s next of kin is not known. However, the Bank Employer shall pay the benefit, unadjusted for gains or losses from the date of such forfeiture, to the Employee a Participant or Named Beneficiary who subsequently makes proper claim to the benefit. The Bank Employers and any Trustee, if applicable, shall not be liable to any person for payment made in accordance pursuant to applicable state unclaimed property laws.