Common use of Spendthrift Clause Clause in Contracts

Spendthrift Clause. 10.1 The provisions of this Plan are intended as personal protection for the Participant. A Participant shall not have any right to assign, anticipate or hypothecate any assets held for his benefit, including amounts credited to his account, except as security for a loan from the Plan to the Participant. The benefits under this Plan shall not be subject to seizure, legal process or be in any way subject to the claim of the Participant's creditors, including, without limitation, any liability for contracts, debts, torts, alimony or support of any relatives, except that the Plan has the right to recover overpayments of benefits previously made to a Participant. None of the Plan's benefits or the Trust's assets shall be considered an asset of the Participant in the event of insolvency or bankruptcy.

Spendthrift Clause. 10.1 The provisions of this Plan are intended as personal protection for the Participant. A Participant shall not have any right to assign, anticipate or hypothecate any assets held for his benefit, including amounts credited to his account, except as security for a loan from the Plan to the Participant. The benefits under this Plan shall not be subject to seizure, legal process or be in any way subject to the claim of the Participant's creditors, including, without limitation, any liability for contracts, debts, torts, alimony or support of any relatives, except that the Plan has the right to recover overpayments of benefits previously made to a Participant. None of the Plan's benefits or the Trust's assets shall be considered an asset of the Participant in the event of insolvency or bankruptcy. However, the proscription above does not apply to Qualified Domestic Relations Orders as defined in Code Section 414(p).

Spendthrift Clause. 10.1 16.1 The provisions of this Plan are intended as personal protection for the Participant. A Participant shall not have any right to assign, anticipate or hypothecate any assets held for his benefit, including amounts credited to his account, except as security for a loan from the Plan to the Participant. The benefits under this Plan shall not be subject to seizure, legal process or be in any way subject to the claim of the Participant's creditors, including, without limitation, any liability for contracts, debts, torts, alimony or support of any relatives, except that the Plan has the right to recover overpayments of benefits previously made to a Participant. None of the Plan's benefits or the Trust's assets shall be considered an asset of the Participant in the event of insolvency or bankruptcy.