Spendthrift Clause. The interest of any Beneficiary of this Trust in the income and principal shall not be subject to claims of his or her creditors, or others, or be liable to attachment, execution, or other process or law and no Beneficiary shall have the right to encumber, hypothecate, or alienate his or her interest in any of the trust in any manner except as provided herein. Nor may a creditor compel a trustee to make a discretionary transfer to a beneficiary. Where the trustee is also a beneficiary, restraint on transfer is invalid against transferees or creditors of the Trustor. In no case shall a disclaimer by a beneficiary be considered a transfer to that Beneficiary.
Spendthrift Clause. To the extent permitted by law, no benefits payable under this Agreement shall be subject to the claim of any creditor of the Employee (or Designated Beneficiary, if applicable) or to any legal process by any creditor of any such person. The Employee or Designated Beneficiary, if applicable, shall have no right to alienate, anticipate, pledge or assign any benefits under the Agreement.
Spendthrift Clause. None of the benefits, payments, proceeds or distribution under this Plan shall be subject to the claim of any creditor of the Executive or to any legal process by any creditor of the Executive. The Executive shall not have any right to alienate, commute, anticipate or assign any of the benefits, payments, proceeds or distributions under this Agreement.
Spendthrift Clause. The interest of the Beneficiary is held subject to a spendthrift trust. No interest in the Trust Funds established pursuant to this Agreement will be transferable or assignable, voluntarily or involuntarily, or be subject to the claims of Party A or its creditors, PNM or its creditors or SJCC or its creditors other than as provided in the Mine Reclamation Agreement.
Spendthrift Clause. Neither you nor any beneficiary entitled to payment hereunder shall have any right to anticipate, alienate, sell, transfer, assign or encumber any benefit or payment hereunder nor shall such rights thereto be subject to attachment or other legal process for your or a beneficiary's debts.
Spendthrift Clause. 10.1 The provisions of this Plan are intended as personal protection for the Participant. A Participant shall not have any right to assign, anticipate or hypothecate any assets held for his benefit, including amounts credited to his account, except as security for a loan from the Plan to the Participant. The benefits under this Plan shall not be subject to seizure, legal process or be in any way subject to the claim of the Participant's creditors, including, without limitation, any liability for contracts, debts, torts, alimony or support of any relatives, except that the Plan has the right to recover overpayments of benefits previously made to a Participant. None of the Plan's benefits or the Trust's assets shall be considered an asset of the Participant in the event of insolvency or bankruptcy.
Spendthrift Clause. All benefit payments to participants or beneficiaries, if and when such payments shall become due, shall, except as to persons under legal disability, or as provided in this section and in Article IX, be paid to such participants or beneficiaries in person and shall not be grantable, transferable, or otherwise assignable in anticipation of payment thereof, in whole or in part, by the voluntary or involuntary acts of any such participants or beneficiaries, or by operation of law, and shall not be liable or taken for any obligation of such participants or beneficiaries. Upon receipt of written direction from any eligible recipient of monthly benefit payments, the Pension Fund will participate in an arrangement to make deductions from each monthly benefit payment, as authorized and directed by the recipient, and to transfer the amount of each such deduction to the Central States, Southeast and Southwest Areas Health and Welfare Fund as the recipient's monthly contribution to retain eligibility for coverage pursuant to the retiree benefit plan established by that fund. This deduction / transfer arrangement is effective commencing October 1, 1988 and will continue, relative to each such recipient who authorizes and directs it, until the Pension Fund receives the recipient's written cancellation of such authority and direction (or the earlier termination of benefits). Any authority and direction to the Pension Fund by a recipient of monthly benefit payments, to make such deductions and transfers, is revocable at any time by the recipient.
Spendthrift Clause. The interest of the Trust shall, to the extent permitted by law, not be subject to claims of any creditors or others nor to legal process and may not be voluntarily or involuntarily encumbered. No money or property payable to distributable under this Trust shall be pledged, assigned, dissipated or encumbered by any Beneficiary or Remainderman hereunder or in any manner.
Spendthrift Clause. The rights of any Participant or Beneficiary to and in any benefits under the Plan will not be subject to assignment or alienation, and no Participant or Beneficiary will have the power to assign, transfer or dispose of such rights, nor will any such rights to benefits be subject to attachment, execution, garnishment, sequestration, the laws of bankruptcy or any other legal or equitable process. This Section will not apply with respect to qualified domestic relations orders as defined in Section 414(p) of the Code and Section 206(d)(3) of ERISA.
Spendthrift Clause. The interest of any Beneficiary of this Trust in the income and principal shall not be subject to claims of his or her creditors, or others, or be liable to attachment, execution, or other process or law and no Beneficiary shall have the right to encumber, hypothecate, or alienate his or her interest in any of the trust in any manner except as provided herein.
