Alienability Clause Samples
The Alienability clause defines whether and how a party may transfer or assign its rights or interests under a contract to another party. Typically, this clause specifies if such transfers are permitted, require prior written consent, or are outright prohibited, and may outline exceptions such as transfers to affiliates or in connection with a merger. Its core function is to control the transferability of contractual rights and obligations, thereby protecting the parties from unwanted or unapproved changes in who holds interests under the agreement.
Alienability. Neither the Executive, his widow, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit hereunder the Corporation's liabilities shall forthwith cease and terminate.
Alienability. The rights and benefits of the Executive under this Agreement may not be anticipated, alienated or subject to attachment, garnishment, levy, execution or other legal or equitable process except as required by law. Any attempt by the Executive to anticipate, alienate, assign, sell, transfer, pledge, encumber or charge the same shall be void. Payments hereunder shall not be considered assets of the Executive in the event of insolvency or bankruptcy.
Alienability. Neither the Executive, nor, if applicable, his widow or other beneficiary under this Agreement, shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber any of the benefits payable hereunder or any rights to benefits hereunder, nor shall any of said benefits or rights be subject to any debts, judgments, alimony or separate maintenance owed by the Executive or, if applicable, any beneficiary, or be transferable by operation of law in the event of bankruptcy, or otherwise.
Alienability. It is agreed that neither the Executive nor his/her spouse nor any designated beneficiary, shall have any right to commute, sell, assign, transfer or otherwise convey the right to receive any payments hereunder, which payments and the right thereto are expressly declared to be non-assignable and non-transferable; and, in the event of any attempted assignment or transfer, the Bank shall have no further liability hereunder.
Alienability. Neither the Executive, nor any beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, or otherwise.
Alienability. Neither the Executive nor his widow, shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, or otherwise.
Alienability. The rights of either party under this Agreement may not be transferred or assigned in any fashion or manner whatsoever.
Alienability. Neither the Participant, his widow, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable under this Agreement, in addition no such benefit shall be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Participant or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Participant or any beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit hereunder the Plan Sponsor’s liabilities shall forthwith cease and terminate.
Alienability. Neither the Executive, his widow, nor any other beneficiary under this Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify, or otherwise encumber in advance any of the benefits payable hereunder, nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance, owed by the Executive or his beneficiary or any of them, or be transferable by operation of law in the event of bankruptcy, insolvency, or otherwise. In the event the Executive or any beneficiary attempts assignment, commutation, hypothecation, transfer, or disposal of the benefit hereunder the Bank's liabilities shall forthwith cease and terminate.
Alienability. Neither Sellers nor Buyer may assign their rights or obligations hereunder without the written consent of all Parties. Subject to the foregoing, this Agreement shall be binding upon the Parties hereto and their respective successors and assigns.