Spendthrift definition

Spendthrift means a person who, because of the use of alcohol or other drugs or because of gambling or other wasteful course of conduct, is unable to manage effectively his or her finan- cial affairs or is likely to affect the health, life, or property of him- self, herself, or others so as to endanger his or her support and the support of his or her dependents, if any, or expose the public to responsibility for his or her support.

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Spendthrift means a person who because of the use of intoxicants or drugs or of gambling, idleness or debauchery or other wasteful course of conduct is unable to attend to business or thereby is likely to affect the health, life or property of the person or others so as to endanger the support of the person and the per- son’s dependents or expose the public to such support.

Spendthrift. Provision. Except as provided under section 401(a)(13) of the Code (and the regulations thereunder), no benefits payable under the Plan will be subject to the claim or legal process of any creditor of any Member or Beneficiary, and no Member or Beneficiary may alienate, transfer, anticipate or assign benefits under the Plan. The preceding paragraph shall also apply to the creation, assignment, or recognition of a right to any interest or benefit payable with respect to a Member pursuant to a domestic relations order, unless the order is determined to be a Qualified Domestic Relations Order (as defined in section 414(p) of the Code). The Plan Administrator shall establish reasonable procedures in accordance with Section 15.2 to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders.

Examples of Spendthrift in a sentence

• Interest on Proceeds; Settlement at Payee's Death; Spendthrift and Creditor Income Tables .............................................................

• The Calvo Family Spendthrift Trust 1941 Southeast 51st Terrace; ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇on: Cyndi N.

• Settlement at Payee's Death; Spendthrift and Creditor Income Tables .............................................................

• Dornan, Esquire; ▇▇▇▇▇▇▇ Counsel, The Tucker Family Spendthrift Tr▇▇▇, ▇185 Southeast 20th ▇▇▇▇▇▇; ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇; but ▇▇▇▇▇g or giving, or attempting to make or give, any demand or notice shall not waive any right granted hereunder or otherwise to act without demand or notice.

• Dornan, Esquire; ▇▇▇▇▇▇▇ Counsel, The Calvo Family Spendthrift Tr▇▇▇, 1941 Southeast 51st ▇▇▇▇▇▇▇; ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇; but ▇▇▇▇▇g or giving, or attempting to make or give, any demand or notice shall not waive any right granted hereunder or otherwise to act without demand or notice.

• Governing Law This agreement is executed in accordance with the laws of Hong Kong S.A.R.

• Notwithstanding the provisions of Section 9.4 (Spendthrift Provision) to the contrary and to the extent permitted by law, the amounts payable pursuant to the Plan may be assigned or alienated pursuant to a “Domestic Relations Order” (as such term is defined in Section 414(p)(1)(B) of the Code).

• The Calvo Family Spendthrift Trust 1941 Southeast 51st Terrace; Oc▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇on: Cyndi N.

• Spendthrift Farm, Inc., 514 U.S. 211, 240 (1995) (stating: “[w]e think legislated invalidation of judicial judgments deserves the same categorical treatment accorded by ▇▇▇▇▇▇ to Congressional invalidation of executive action.”).

• Settlements at Payee's Death; Spendthrift and Creditor Income Tables ..............................................................

More Definitions of Spendthrift

Spendthrift. The interest and benefits under this Plan of any Participant or beneficiary shall not be subject to assignment, alienation, pledge, attachment, garnishment, sequestration or other legal process, or to the claims of creditors. This prohibition shall not, however, apply to any voluntary and revocable assignment of up to ten percent (10%) of any benefit made by any Participant who is receiving benefits under this Plan. Any such assignment or alienation shall neither be for the purpose nor have the effect of defraying Plan administration costs. This provision shall not apply in the case of a Qualified Domestic Relations Order.

Spendthrift. The Directors are not to recognize any transfer, encumbering, mortgage, pledge, hypothecation, order, or assignment of any Beneficiary by way of anticipation of any part of the income or principal hereof, and the income and principal of the Company shall not be subject in any manner to transfer by operation of law, unless otherwise herein provided, and shall be exempt from the claims of creditors and other claimants and from orders, decrees, levies, attachments, garnishments and executions, and other legal or equitable process of proceedings to the fullest extent permissible by law. Each Beneficiary is expressly prohibited from any of the above: DEATH - INSOLVENCY - BANKRUPTCY: The death, insolvency, or bankruptcy of any certificate holder, or the transfer of his certificate by gift, devise, or descent, shall not operate as a dissolution of The R&S Group, or in any manner affect the Company or its operation or mode of business. Ownership of a Beneficial Certificate shall not entitle the holder to any legal title in or to the Company property, nor any undivided interest therein, nor in the management thereof nor shall the death of a holder entitle his heirs or legal representatives to demand any partition or division of the property of the Company, nor any special accounting but said successor may succeed to the same distributional interest upon the surrender of the certificate as held by the deceased for the purpose of reissue to the then lawful holder or owner.

Spendthrift provisions designed to protect a beneficiary's interest in trust income and principal from creditors.

Spendthrift. Provision..............................................................46 15.2