Common use of Alienability and Assignment Prohibition Clause in Contracts

Alienability and Assignment Prohibition. Neither the Director, nor the Director's surviving spouse, nor any other beneficiary(ies) under this Directors Delayed Compensation Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Director or the Director's beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank's liabilities shall forthwith cease and terminate.

Alienability and Assignment Prohibition. Neither the Director, nor the Director's surviving spouse, nor any other beneficiary(ies) under this Directors Delayed Compensation Director Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Director or the Director's beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the BankInstitution's liabilities shall forthwith cease and terminate.

Alienability and Assignment Prohibition. Neither the Director, nor the Director's ’s surviving spouse, nor any other beneficiary(ies) under this Directors Delayed Compensation Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Director or the Director's ’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank's ’s liabilities shall forthwith cease and terminate.

Alienability and Assignment Prohibition. Neither the Director, Director nor the Director's ’s surviving spouse, spouse nor any other beneficiary(ies) under this Directors Delayed Compensation Director Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify modify, or otherwise encumber in advance any of the benefits payable hereunder hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony alimony, or separate maintenance owed by the Director or the Director's ’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency insolvency, or otherwise. In the event If the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer transfer, or disposal of the benefits hereunder, the Bank's ’s liabilities hereunder shall forthwith cease and terminate.

Alienability and Assignment Prohibition. Neither the Director, nor the Director's surviving spouse, nor any other beneficiary(ies) under this Directors Delayed Compensation Director Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Director or the Director's beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank's obligations and liabilities pursuant to this agreement shall forthwith cease and terminate.

Alienability and Assignment Prohibition. Neither the Director, nor the Director's ’s surviving spouse, nor any other beneficiary(ies) under this Directors Delayed Compensation Director Plan Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed by the Director or the Director's ’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation, transfer or disposal of the benefits hereunder, the Bank's ’s obligations and liabilities pursuant to this agreement shall forthwith cease and terminate.