Common use of Transfer on Divorce Clause in Contracts

Transfer on Divorce. A Participant may transfer any portion or all of his or her interest in an Account to a former spouse under a written instrument incident to divorce or under a divorce decree containing transfer instructions acceptable to the Custodian and compliant with the Custodian’s administrative or operational requirements and regular business practices, whereupon such Account, or the transferred portion of such Account, shall be held for the benefit of such former spouse subject to the terms and conditions of the Plan.

Transfer on Divorce. A Participant may transfer any portion or all of his or her interest in an Account to a former spouse under a written instrument incident to divorce or under a divorce decree containing transfer instructions acceptable to the Custodian and compliant with the Custodian’s administrative or operational requirements and regular business practicesdecree, whereupon such Account, or the transferred portion of such Account, Account shall be held for the benefit of such former spouse subject to the terms and conditions of the Plan.