Common use of Incapacity of Recipient Clause in Contracts

Incapacity of Recipient. If the Board shall find that any person to ----------------------- whom any distribution is to be made under this Agreement is unable to care for his affairs because of accident or illness, or is a minor, any payment due (unless a prior claim therefor shall have been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, child, parent, or brother or sister of such person, or to any person deemed by the Board to have incurred expense for such person otherwise entitled to payment, in such manner and proportions as the Board may determine. Any such payment shall be a complete discharge of the liabilities of the Corporation under this Agreement.

Appears in 4 contracts

Samples: Deferred Compensation Agreement (BGF Industries Inc), Deferred Compensation Agreement (BGF Industries Inc), Deferred Compensation Agreement (BGF Industries Inc)

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