Facility of payment clause for trust
WebThe facility of payment clause of a life insurance policy could be applied in all the following situations EXCEPT: The sole beneficiary is a charitable organization that no longer … WebA facility of payment clause is a provision which authorizes direct payment to a person. The proceeds of life insurance on the decedent which is directly payable to a beneficiary is not subject to the Department’s claim.
Facility of payment clause for trust
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Webthe proceeds or avails of such policy in trust for such persons shall not be deemed a third person beneficiary, assignee or payee. (B) A policy shall be deemed payable to a third person beneficiary if and to the extent that a facility-of-payment clause or similar clause in the policy permits the insurer to discharge its obligation after the WebThe specific terms of such trust shall be as agreed to by the parties in good faith; provided, however, that the trustee shall be a financial institution independent of the Company; and …
WebThree different types of financial instruments are available to satisfy your bond requirement: (1) Surety Bond; (2) Trust Agreement, or (3) Trust Fund Agreement. You can use one or any combination of financial instruments to satisfy your required bond amount. WebThis clause protects the proceeds received by a beneficiary from being confiscated by any creditors to whom the beneficiary owes money. The clause imposes legally binding …
WebIn the event that notwithstanding Section 9.01 and Section 9.02, any Grantor should receive any funds, payments, claims or distributions which is prohibited by such Sections, then it agrees: (a) to hold in trust for the Administrative Agent and the other Secured Parties an amount equal to the amount of all funds, payments, claims or distributions …
WebA facility-of-payment clause is a provision in an insurance policy or trust that allows someone to receive payment on behalf of the beneficiary. This means that the …
WebA facility of payment clause is a provision which authorizes direct payment to a person. The proceeds of life insurance on the decedent which is directly payable to a beneficiary … motability operations tel numberWebTex. Prop. Code § 142.005 (c) (2). This is not as broad as the facility of payment clauses typically used in an express trust. Can the drafter go beyond the optional statutory language to permit distributions to a custodian under the Texas Uniform Transfers to Minors Act, or to the parent of an adult beneficiary? motability operations telephone numberWebz rent payments return all or substantially all of the purchase price; and z the lessee is required (or at least expected) to purchase aircraft at the end of the term. The owner or lessor in these transactions is typically an owner trust established by an equity investor and through which it makes the investment needed to acquire the aircraft. motability operations sign inWebz rent payments return all or substantially all of the purchase price; and z the lessee is required (or at least expected) to purchase aircraft at the end of the term. The owner or … motability operations profitsWebA facility-of-payment clause is a part of an insurance policy or trust that allows someone to receive payment on behalf of the beneficiary. This means that if the beneficiary is … minimum wage in livermore ca 2021WebFacilities Agreement and to highlight certain key borrower issues arising from it of which corporate treasurers should be aware. Whilst the Association of Corporate Treasurers … motability operations recruitmentWebThe Insurance Policy Payment Provision Is Not a Facility-ofPayment Clause. ¶16 Relying on Section 20-1131(C), Woerth argues the insurance proceeds are deemed payable to a “person other than the insured” because the insurance policy payment provision directing payment to Gottier’s estate is a “facility-of-payment” clause. minimum wage in labor market