Common use of Payments to Minors and Incompetents Clause in Contracts

Payments to Minors and Incompetents. If the Executive or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Company or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, payment of benefits will be made to the duly appointed guardian or legal representative of such minor or incompetent or to such other legally appointed person as the Company may designate. Such payment shall, to the extent made, be deemed a complete discharge of any liability for such payment under this Agreement.

Payments to Minors and Incompetents. If the Executive or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed by the Company or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, payment of benefits will be made to the duly appointed guardian or legal representative of such minor or incompetent or to such other legally appointed person as the Company may designate. Such payment shall, to the extent made, be deemed a complete discharge of any liability for such payment under this the Agreement.