Common use of Nonassignable Clause in Contracts

Nonassignable. Neither the Executive nor his Beneficiary 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 Executive or his Beneficiary, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise.

Nonassignable. Neither the Executive nor his Beneficiary 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 Executive or his Beneficiary, or be transferable transferrable by operation of law in the event of bankruptcy, insolvency, or otherwise.

Nonassignable. Neither the Executive nor his Beneficiary Executive, or Executive’s dependents or beneficiaries, shall not 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 Executive Executive, or his BeneficiaryExecutive’s dependents or beneficiaries, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise.