Common use of Proper Payee Clause in Contracts

Proper Payee. The records of the Committee at the time of death of any person entitled to any benefits hereunder shall be conclusive as to the identity of the proper payee and of the amounts payable. Payment made in accordance with such facts shall constitute a complete discharge of any and all obligations hereof. In the event any amount shall become payable to any person or estate, the Committee shall mail written notice to such person's last known address as shown in the Employer's records. If such person or his personal representative does not present himself to the Committee within one year after the mailing of such notice, then the Committee may distribute any amounts due to one or more of the spouse, blood relatives and adopted children of such person. Any action of the Committee under this Section shall be final and conclusive upon all persons. Any person who receives any distribution under this Section shall be the absolute owner thereof, regardless of whether such person had been a Participant, a Beneficiary or the personal representative of any Participant hereunder. If a benefit is forfeited because the Participant or Beneficiary cannot be found, such benefit will be reinstated if a claim is made by the Participant or Beneficiary.