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.

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. 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.

Examples of Spendthrift in a sentence

• Spendthrift and Creditor.--A beneficiary or contingent payee may not, at or after the Insured's death, assign, transfer, or encumber any benefit payable.

• The Plan shall be administered, construed and interpreted in a manner consistent with that intention.8.5 Spendthrift Provision.

• 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 Code Section 414(p)(1)(B)), in the complete discretion of the Plan Administrator based on its advance review and approval of such an Order that is submitted by a Participant.

• Spendthrift Provisions: Neither the Participant, his beneficiary(ies), nor any other person or persons shall have any power or right to sell, alienate, attach, garnish, transfer, assign, anticipate, pledge or otherwise encumber any part or all of a Deferral Account maintained or distributable hereunder.

• Establishment of the Plan shall not be construed to give any Participant the right to be retained in the service of the Company.Section 8.4. Spendthrift Provisions.

• The Calvo Family Spendthrift Trust 1941 Southeast 51st Terrace; Xxxxx, Xxxxxxx 00000 Xxxxxxxon: Cyndi N.

• Xxxxx, on her own behalf and as a trustee for the Xxxxx Family Spendthrift Trust, Stockholders Dated: October __, 1999 --------------------------------- /s/ Xxxxxxx X.

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

• General and Miscellaneous 6.01 Spendthrift Clause No right, title or interest of any kind in the Plan shall be transferable or assignable by any Participant or Beneficiary or any other person or be subject to alienation, anticipation, encumbrance, garnishment, attachment, execution or levy of any kind, whether voluntary or involuntary.

• 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).

More Definitions of Spendthrift

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

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.

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.