Common use of Rights of Beneficiaries Clause in Contracts

Rights of Beneficiaries. Each Beneficiary shall be entitled to participation in the rights and benefits due to a Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement of Trust. The Beneficial Interest of each Beneficiary is hereby declared and shall be in all respects personal property and upon the death of an individual Beneficiary his Beneficial Interest shall pass to his legal representative and heirs, as applicable, and such death shall not terminate or affect the validity of this Agreement. A Beneficiary shall have no title to, possession of, management of, or control of, the Liquidating Trust Estate except as herein expressly provided. No widower, widow, heir, or devisee or any person who may be a Beneficiary shall have any right of dower, homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust Estate, but the whole title to all the Liquidating Trust Estate shall be vested in the Trustee and the sole interest of the Beneficiaries shall be the rights and benefits given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the Liquidating Trust for federal income tax purposes, and they will be treated for federal income tax purposes as owning undivided interests in its assets.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participation in the rights and benefits due to a Beneficiary hereunder according to his Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement of Trust. The Beneficial Interest of each Beneficiary is hereby declared and shall be in all respects personal property and upon the death of an individual Beneficiary his Beneficial Interest shall pass to his legal representative and heirs, as applicable, and such death shall not terminate or affect the validity of this Agreement. A Beneficiary shall have no title to, possession of, management of, or control of, the Liquidating Trust Estate except as herein expressly provided. No widower, widow, heir, or devisee or any person who may be a Beneficiary shall have any right of dower, homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust Estate, but the whole title to all the Liquidating Trust Estate shall be vested in the Trustee Liquidating Trustees and the sole interest of the Beneficiaries shall be the rights and benefits given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the Liquidating Trust for federal income tax purposesTrust, and they will be treated for federal income tax purposes as owning undivided interests in its assets.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participation participate in the rights and benefits due to a Beneficiary hereunder according to his Beneficial Interestand the Plan. Each Beneficiary shall take and hold the same its Beneficial Interest subject to all in the terms and provisions of this Agreement of Trustand the Plan. The Beneficial Interest of each Beneficiary is hereby declared Interests shall not be certificated and shall not be transferable, assignable, pledged or hypothecated in whole or in part. No Beneficiary shall have legal title to any part of the Liquidating Trust Assets. Any such transfer shall not be effective. The interest of a Beneficiary of the Liquidating Trust is in all respects personal property property, and upon the death death, insolvency or incapacity of an individual Beneficiary his Beneficiary, such Beneficiary’s Beneficial Interest shall pass to his the legal representative and heirs, as applicable, and of such death shall not terminate or affect the validity of this AgreementBeneficiary. A Beneficiary shall have no title to, possession ofor any right to possess, management of, manage or control ofcontrol, the Liquidating Trust Estate Assets, or any portion thereof or interest therein, except as herein expressly providedprovided herein. No widowersurviving spouse, widow, heir, heir or devisee or of any person who may be a deceased Beneficiary shall have any right of dower, homestead, homestead or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust EstateAssets, but the whole title to all the Liquidating Trust Estate Assets shall be vested in the Trustee Liquidating Trust Administrator and the sole interest of the Beneficiaries shall be the rights and benefits given provided to such persons under this Agreement of Trust. The Beneficiaries will be treated as and the grantors and deemed owners of the Liquidating Trust for federal income tax purposes, and they will be treated for federal income tax purposes as owning undivided interests in its assetsPlan.

Rights of Beneficiaries. Each Beneficiary shall be entitled to participation in the rights and benefits due to a Beneficiary hereunder according to his or her Beneficial Interest. Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement of Trust. The Beneficial Interest of each Beneficiary is hereby declared and shall be in all respects personal property and upon the death of an individual Beneficiary his or her Beneficial Interest shall pass to his or her legal representative and heirs, as applicable, and such death shall not terminate or affect the validity of this Agreement. A Beneficiary shall have no title to, possession of, management of, or control of, the Liquidating Trust Estate except as herein expressly provided. No widower, widow, heir, or devisee or any person who may be a Beneficiary shall have any right of dower, homestead, or inheritance, or of partition, or of any other right, statutory or otherwise, in any property whatever forming a part of the Liquidating Trust Estate, but the whole title to all the Liquidating Trust Estate shall be vested in the Trustee Liquidating Trustees and the sole interest of the Beneficiaries shall be the rights and benefits given to such persons under this Agreement of Trust. The Beneficiaries will be treated as the grantors and deemed owners of the Liquidating Trust for federal income tax purposesTrust, and they will be treated for federal income tax purposes as owning undivided interests in its assets.