Common use of Uncashed Settlement Payment Checks Clause in Contracts

Uncashed Settlement Payment Checks. All checks issued by the Settlement Administrator to Eligible Claimants shall remain valid for 180 days. Any check sent to an Eligible Claimant during the Claim Period that is not cashed within 180 days shall be void but a new check shall be reissued to the applicable Eligible Claimant upon request during the Claim Period. After 180 days following the expiration of the Claim Period, any uncashed check shall be eligible for escheatment to the applicable state governmental body pursuant to state law without the need to wait for the conclusion of any state dormancy period. Any and all escheatment obligations are those of the Settlement Administrator and not the Parties. The Settlement Administrator may send check-cashing reminders to Eligible Claimants who have not yet cashed their check and may call Eligible Claimants to remind them to cash their checks.