iCovest Academy

Definition:  An inactive ICO Vesting Account (hereinafter, "IVA") is one that has been dormant for a specified period of time.  For the purposes of this Inactive ICO Vesting Account Policy, “inactive” means there has been no log-in, top-off, exchange, withdrawal or other communication from you about your IVA for the period of time as follows:

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• after 3 months for establishing a basic IVA;
   

• after 6 months for a top-off subscription; or
   

• after IVA contributions have vested at least 12 months and one (1) day.

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If there is no change in your IVA balance as described above, or you have a zero balance, we reserve the right to close the IVA with or without notice.  Any linked accounts linked will be de-linked as part of the closure process.

 

For security reasons, we may refuse a withdrawal, transfer or exchange from an account we internally classify as suspicious or inactive if we cannot reach you in a timely fashion to confirm authorization.  For the purposes of this Inactive IVA Policy, the term “suspicious” also includes inactivity for an extended period of time followed by a sudden interest in one or more aspects of your account that does not align with the original intent for which you established your IVA.

 

There are no fees associated for this administrative dissolution process.

 

Other definitions that may apply to this Inactive IVA Policy:

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• Holder: Any person in possession of property belonging to another, for example, a trustee in the case of a trust.
   

• Owner: A depositor in the case of a deposit, an iCovestor in the case of an IVA, a beneficiary in case of a trust, or creditor, claimant, or payee in other cases, or any person having a legal or equitable interest in property, or his/her legal/fiduciary representative.
   

• Unclaimed Property: Any asset that has been left inactive by the owner by the end of the inactive period.
   

• Escheat: A common law doctrine that transfers the real property of a person who has died without heirs to the crown or state.  It serves to ensure that property is not left in "limbo" without recognized ownership. It is a term that is used to describe the process of transferring an account balance after an account has been dormant.

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Inactive IVA and Escheat Policy (v.20200301-IIAEP)

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Important Notice:  We reserve the right to gift any unclaimed IVA account balance to the iCovest Grain House Initiative, a.k.a., the Community Stabilization Fund, if our attempts to find you (or your beneficiary as provided in your GPA disclosure) within a 90-day period have failed.

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*** Updated circa March 2020