Common use of Incompetency Clause in Contracts

Incompetency. If the Institution shall find that any person to whom any payment is payable under this Agreement is unable to care for their affairs due an illness or accident, or is a minor, payment due (unless a prior claim therefore shall have been made by a duly appointed guardian, committee, or other legal representative) may be paid to the Spouse, a child, a parent, a brother or sister, or a custodian determined pursuant to the Uniform Gift to Minors Act, the Uniform Transfer to Minors Act, or to any person deemed by the Institution to have incurred expense for such person otherwise entitled to payment, in such manner and proportions as the Institution may determine. Any such payments made under this Section in good faith shall be a complete discharge of the liabilities of the Institution under this Agreement.

Appears in 4 contracts

Samples: Continuation Plan Agreement (Osage Federal Financial Inc), Continuation Plan Agreement (Osage Federal Financial Inc), Continuation Plan Agreement (Osage Federal Financial Inc)

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Incompetency. If the Institution shall find that any person to whom any payment is payable under this Agreement is unable to care for their affairs due to an illness or accident, or is a minor, payment due (unless a prior claim therefore shall have been made by a duly appointed guardian, committee, or other legal representative) may be paid to the Spouse, a child, a parent, a brother or sister, or a custodian determined pursuant to the Uniform Gift to Minors Act, the Uniform Transfer to Minors Act, or to any person deemed by the Institution to have incurred expense for such person otherwise entitled to payment, in such manner and proportions as the Institution may determine. Any such payments made under this Section in good faith shall be a complete discharge of the liabilities of the Institution under this Agreement.

Appears in 1 contract

Samples: Compensation Agreement (Landmark Bancshares Inc)

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