Creditor protection Clause Samples
Creditor protection. The legislation establishing the Trust is interpreted in accordance with Nebraska law. Nebraska law generally provides that any amount credited to an account is not susceptible to any levy, execution, judgment or other operation of law, garnishment or other judicial enforcement, and that an amount is not an asset or property of either the Beneficiary or the account owner for purposes of any state insolvency or inheritance tax laws. As of the date of this Program Disclosure Statement, courts have yet to interpret, apply or rule on matters involving an interpretation of the Nebraska legislation. None of the Trust, the Nebraska State Treasurer, the Nebraska Investment Council, the Nebraska State Investment Officer or the Program Manager makes any representations or warranties regarding protection from creditors. You should consult your legal advisor regarding this law and your circumstances.
Creditor protection. Each Guarantor warrants that, as at the date of this Guarantee, it has not taken, received or exercised any Competing Rights and agrees that that it will not in the future take, receive or exercise any Competing Rights until the Security Agent has confirmed in writing to the Guarantors that the Guarantors are released by the Security Agent from its obligations under this Guarantee.
Creditor protection. Under provincial insurance laws, the Contract may be protected from the creditors of the Owner if the beneficiary is a spouse, parent, child or grandchild of the Annuitant or if the beneficiary is irrevocable (in Québec, the beneficiary is an ascendant or descendant of the Owner).
Creditor protection. Neither the Vendor nor KI is a debtor company within the meaning of the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) and neither has made any application, compromise or arrangement under the CCAA and neither has initiated any proceedings under the CCAA for protection from its creditors.
Creditor protection. The Purchaser is not a debtor company within the meaning of the CCAA and has not made any application, compromise or arrangement under the CCAA and has not initiated any proceedings under the CCAA or under similar legislation in any other applicable jurisdiction for protection from its creditors.
Creditor protection. Because the beneficiaries cannot transfer their interest or have it taken by creditors, the trust assets remain protected as long as they are held within the trust.
Creditor protection. If an owner's interest is attached by a creditor, or if that owner files for bankruptcy, do the other owners have the option to buy out the owner with creditor problems to prevent such owner's interest from being transferred to the creditor? Buy-Sell Agreements Checklist for Business Owners
Creditor protection. The Purchaser is a debtor company within the meaning of the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (Canada) (the “CCAA”) and has not made any application, compromise or arrangement under the CCAA and neither has initiated any proceedings under the CCAA for protection from its creditors.