Common use of AMOUNTS PAYABLE TO INCOMPETENTS Clause in Contracts

AMOUNTS PAYABLE TO INCOMPETENTS. MINORS OR ESTATES -------------------------------------------------- If the Plan Administrator shall find that any person to whom any amount is payable under the Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due him or his estate (unless a prior claim therefor has been made by a duly appointed legal representative) may be paid to his Spouse, relative or any other person deemed by the Plan Administrator to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Trust Fund therefor.

Appears in 5 contracts

Samples: Employees' Savings & Profit Sharing Plan (HMN Financial Inc), Adoption Agreement (Allied First Bancorp Inc), Employees' Savings & Profit Sharing Plan (1st State Bancorp Inc)

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