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If we are served with a garnishment, levy, execution, or other legal
process of apparent validity (together referred to as “legal process”),
you understand and agree that we will pay all amounts in the account,
or release information about your account, in satisfaction of the legal
process and in compliance with our understanding of applicable law.
If your account is a joint account, for purposes of responding to legal
process, we will consider each joint owner to have an undivided interest
in the entire account. Therefore, you agree we may pay all amounts in
the account in satisfaction of any legal process, even if it attaches to the
interest of fewer than all the account owners. You agree that we may
process a levy, garnishment, or other legal process served on us even if
we do not process it on the same day it was received. If you believe your
funds are exempt from legal process, or otherwise should not be subject
to the legal process (for example, if you own funds and the legal process
applies to another joint owner, you believe the court, garnishor, or levying
authority lacks jurisdiction over you or the property, or you believe the
garnishment or levy names the wrong party as garnishee), you agree that
it may be your responsibility to raise any defense to the legal process
against the party who originated the legal process or seek reimbursement
from a joint owner.
If we are served with any legal process that tries to attach or in some
way prevent you from freely using your funds, you give us the right, but
we have no obligation, to hold any portion of the funds during any time
necessary to determine to our satisfaction who has the legal right to the
funds in your account. If we are not able to determine whether the funds
in your account are subject to the legal process, you agree that we may
deposit the funds with any court which we deem to have jurisdiction over
us or your account and ask that court to determine to whom the funds
belong. You agree to reimburse us for our expenses, including attorney’s
fees and expenses, arising out of the service of the legal process on us
and our response to it.
If the legal process requires us to release information about one or more
accounts for which combined statements are provided, we may release
the entire combined statement even if other accounts on the statement
are not covered by the legal process.
All legal process is subject to our rights of seto and our security interest
in your account. We will assess a service fee against your account for
any legal process served on us regardless of whether the process is
subsequently revoked, vacated, or released. Unless expressly prohibited
by law, we will set o or enforce our security interest against your
account for such fee prior to our honoring the legal process. We will not
be liable to you if an attachment, a hold, or the payment of our fee from
your account leaves insucient funds to cover outstanding items.
RESOLVING ACCOUNT DISPUTES AND ADVERSE CLAIMS
If a dispute arises concerning your account (including, for example,
a dispute over who is an authorized signer or owner), or if we believe
we have a claim against you or we have or receive a claim by a third
party (including our aliates) to all or a portion of the property (including
money, certicates of deposit, securities and other investment property,
nancial assets, etc.) in your account, or if we have concerns regarding
your account or the use of your account, we have the right to hold any
portion of the property in your account until the dispute, claim, or concern
is resolved to our satisfaction. We will not be liable to you if the hold
we place on your account leaves insucient funds to cover outstanding
items. For purposes of this section, “account” includes any account you
have with us or any of our aliates (including, without limitation, agency,
custody, safekeeping, brokerage, and revocable trust accounts). If the
dispute, claim or concern remains unresolved, you agree that we may
at our option deposit the property in your account with a court and ask
the court to determine to whom the property belongs. If we deposit your
property with a court, you agree that we may charge your account for
our costs, including attorney’s fees and expenses. For disputes covered
by the Electronic Fund Transfers Act refer to the section Electronic Fund
Transfers for Consumer Customers.
INCREASED COSTS TO MAINTAIN YOUR ACCOUNT
If your account becomes subject to a receivership, court order or
bankruptcy, and we are required to implement changes as to your
account that increase our costs to maintain your account (for example,
a requirement for us to pledge property to secure your account above
the amount of any deposit insurance on your account), you agree to
reimburse us for the additional costs and any expenses incurred by us
(including legal fees) to implement such required changes as to your
account.
CONSUMER REPORT DISPUTES
We may report information about your deposit accounts to Consumer
Reporting Agencies (CRA). As a result, this may prevent you from
obtaining services at other nancial institutions. If you believe we have
inaccurately reported information to a CRA, you may submit a dispute by
calling 844-624-8230 or by writing to:
U.S. Bank Attn: CBDH Management, P. O. Box 3447, Oshkosh, WI
54903-3447. In order for us to assist you with your dispute, you must
provide: your name, address and phone number; the account number;
the specic information you are disputing; the explanation of why it is
incorrect; and any supporting documentation (e.g., adavit of identity
theft), if applicable.
ACCOUNT INFORMATION
Our Privacy Pledge discloses the information we share with other entities
for marketing purposes. We also may be required to provide information
about you and your account when and as required or permitted by law for
other purposes, such as, for example:
1. reporting of interest you earn to federal and state tax authorities;
2. reporting of cash transactions that are at reportable limits;
3. investigating and reporting of transactions that we reasonably
determine to be suspicious; and
4. responding to subpoenas, court orders, or government
investigations.
SETOFF
We have the right under the law to set o amounts you owe us against
your accounts with us. For purposes of this section, “account” includes
any account you have with us or any of our divisions, departments, and
aliates (including, without limitation, agency, custody, safekeeping,
securities, investment, brokerage, and revocable trust accounts) and
“you” includes, without limitation, your revocable trust, any partnership
in which you are a general partner, any prior or successor entity by
way of an entity conversion, and any other series of your series limited
liability company (as applicable). In addition to this legal right, you give
us and our aliates the contractual right to apply, without demand or
prior notice, all or part of the property (including money, certicates of
deposit, securities and other investment property, nancial assets, etc.)
in your accounts, against any debt any one or more of you owe us or our
aliates. If your account is a joint account, you agree we may consider
each joint owner to have an undivided interest in the entire account, so
we may exercise our contractual right of seto against the entire account.
This includes, for example, debts that now exist and debts that you may
incur later, your obligations under a guaranty, and also includes all fees
you owe us or our aliates. We will not be liable to you if enforcing our
rights of seto against your account(s) leaves insucient funds to cover
outstanding items or other obligations. You agree to hold us harmless
from any claim arising as the result of our enforcement of our rights of
seto in, or enforcement of our rights of seto against, your account(s).
Our contractual right of seto does not apply:
1. to an account that is an IRA or other tax-deferred retirement
account;
2. to a debt that is created by a consumer credit transaction under
a credit card plan (but this does not affect our rights under any
consensual security interest); or
3. if our records demonstrate to our satisfaction that the right of
withdrawal that a depositor/debtor has with us only arises in a
representative capacity (for example, only as an authorized
signer, attorney-in-fact or a fiduciary) for someone else.
This right of seto is in addition to any security interest that we or an
aliate of ours might have in your deposit account.
SECURITY INTEREST IN ACCOUNTS
You grant to us and our aliates, a security interest in all your accounts
with us, and all property in your accounts (including money, certicates
of deposit, securities and other investment property, nancial assets,
etc.), to secure any amount you owe us or our divisions, department,
and aliates, now or in the future. This includes, for example, debts that
now exist and debts that you may incur later, your obligations under
a guaranty, and also includes all fees you owe us or our aliates. For
purposes of this section, “account” includes any account you have with
us or any of our aliates (including, without limitation, agency, custody,
safekeeping, securities, investment, brokerage, and revocable trust
accounts) and “you” includes, without limitation, your revocable trust,
any partnership in which you are a general partner, any prior or successor
entity by way of an entity conversion, and any other series of your series
limited liability company (as applicable). In order to provide us and our
aliates with control over your account and all property in your account
for purposes of perfecting the security interest granted above, you
agree that we shall comply with any and all order, notices, requests and
instructions originated by us or any of our aliates directing disposition
of the funds in your account without any further consent from you, even
if such instructions are contrary to your instructions or demands or result
in our dishonoring items which are presented for payment.
If your account is a joint account, you agree we may consider each joint
owner to have an undivided interest in the entire account, so we may