40-414a. Trust provisions in contracts; restrictions on alienation; exemptions.
40-414a
40-414a. Trust provisions in contracts; restrictions on alienation;exemptions.When a contract of annuity, a policy of insurance, or other contract ofa life insurance company authorized to do business in this state is enteredinto with any person for the benefit of another, and such contract soprovides, a person entitled to any of the proceeds retained thereunder bysaid company or to interest thereon shall not be permitted to commute,anticipate, encumber, alienate, or assign the principal or interestthereon, or any part thereof, nor shall any part of such principal orinterest be subject to the claims of creditors of any such person, nor bein any way subject to such person's debts, contracts, or engagements, or toany judicial process to levy upon or attach such proceeds for payment ofsuch claims or demands, and such contracts shall be valid and enforceable.
History: L. 1933, ch. 204, § 1; June 5.