Unsecured Creditor Status. The Deferral Account is solely an accounting device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund of any kind and the director has no rights greater than those of a general unsecured creditor of the Bank for purposes of the payment of benefits under this Agreement. The Director's rights are not subject in any manner to the anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director or the Director's creditors or beneficiaries.
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Samples: Heritage Bank of Commerce Deferred Fee Agreement (Heritage Commerce Corp), Heritage Bank of Commerce Deferred Fee Agreement (Heritage Commerce Corp), Deferred Fee Agreement (American River Holdings)
Unsecured Creditor Status. The Deferral Account is solely an accounting device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund of any kind and the director Director has no rights greater than those of a general unsecured creditor of the Bank Company for purposes of the payment of benefits under this Agreement. The Director's rights are not subject in any manner to the anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director or the Director's creditors or beneficiaries.
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Unsecured Creditor Status. The Deferral Account is solely an accounting device for measuring amounts to be paid under this Agreement. The Deferral Account is not a trust fund of any kind and the director Director has no rights greater than those of a general unsecured creditor of the Bank Company for purposes of the payment of benefits under this Agreement. The Director's ’s rights are not subject in any manner to the anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by the Director or the Director's ’s creditors or beneficiaries.
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