Common use of Incapacity of Recipient Clause in Contracts

Incapacity of Recipient. If any person entitled to a distribution under the Agreement is deemed by Employer to be incapable (physically or mentally) of personally receiving and giving a valid receipt for any payment pursuant to the Agreement, then, unless and until claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, Employer may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of Employer end the Agreement with respect to such payment.

Appears in 3 contracts

Samples: Supplemental Executive Retirement Agreement (Regions Financial Corp), Supplemental Executive Retirement Agreement (Union Planters Corp), Supplemental Executive Retirement Agreement (Union Planters Corp)

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Incapacity of Recipient. If any person entitled to a distribution under the Agreement is deemed by Employer to be incapable (physically or mentally) of personally receiving and giving a valid receipt for any payment pursuant to the Agreement, then, unless and until claim therefore shall have been made by a duly appointed guardian or other legal representative of such person, Employer may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of Employer end and the Agreement with respect to such payment.

Appears in 2 contracts

Samples: Supplemental Executive Retirement Agreement (Union Planters Corp), Supplemental Executive Retirement Agreement (Union Planters Corp)

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