Common use of Escheat Clause in Contracts

Escheat. Bank shall facilitate escheatment reporting to the states as required by Applicable Law. Bank shall be responsible for compliance with state unclaimed property laws as they relate to funds in Accounts, provided Client and Processor provide accurate and timely reporting required by Bank to do so. Bank represents it has adequate reporting systems established to identify Accounts that would meet the criteria under the various state unclaimed property laws, and will facilitate the reporting and remittance of funds as required.

Escheat. Bank shall facilitate escheatment reporting to the states as required by Applicable LawLaw in connection with the Accounts. Bank shall be responsible for compliance with state unclaimed property laws as they relate to funds in the Accounts, provided Client and Processor provide accurate and timely reporting required by Bank to do so. Bank represents it has adequate reporting systems established to identify Accounts accounts that would meet the criteria under the various state unclaimed property laws, and will facilitate the reporting and remittance of funds as required.