PERMITTED CONDITIONAL TRANSFER UPON DEATH Clause Samples
The "Permitted Conditional Transfer Upon Death" clause defines the circumstances under which an individual's rights or interests in an asset or agreement may be transferred to another party upon their death, subject to specific conditions. Typically, this clause outlines who may receive the asset (such as a spouse, child, or designated beneficiary) and may require that certain criteria be met, such as approval by other parties or compliance with legal requirements. Its core practical function is to provide a clear, pre-agreed process for transferring interests after death, thereby reducing uncertainty and potential disputes among heirs or stakeholders.
PERMITTED CONDITIONAL TRANSFER UPON DEATH. Notwithstanding the provisions of this SECTION 1.3, upon a Seller's death, the AmeriPath Stock owned by such Seller shall be transferable solely pursuant to the Seller's will or in accordance with the laws of descent and distribution, if, and only if, the descendants or devisees, as applicable, of the AmeriPath Stock execute and deliver to AmeriPath an agreement, in form and substance satisfactory to AmeriPath, evidencing their agreement to the restrictions contained in this SECTION 1.3.
PERMITTED CONDITIONAL TRANSFER UPON DEATH. Notwithstanding the provisions of Section 2.1.1, upon a Doctor's death, the Shares owned by such Doctor shall be transferable solely pursuant to the Doctor's will or in accordance with the laws of descent and distribution, if, and only if, the descendants or devisees, as applicable, of the Shares execute and deliver to AmeriPath an agreement, in form and substance satisfactory to AmeriPath, evidencing their agreement to the restrictions contained in this ARTICLE 2.
PERMITTED CONDITIONAL TRANSFER UPON DEATH. Notwithstanding the provisions of this Section 1.5, upon a Seller's death, the AmeriPath Stock owned by such Seller shall be transferable solely pursuant to the Seller's will or in accordance with the laws of descent and distribution, if, and only if, the descendants or devisees or assignees or beneficiaries, as applicable, of the AmeriPath Stock execute and deliver to AmeriPath an agreement, in form and substance satisfactory to AmeriPath, evidencing their agreement to the restrictions contained in this Section 1.5.