Section 408:2 Third Person.

If a policy of life or endowment insurance is effected by any person on his own life or on another life, in favor of a person other than himself having an insurable interest therein, the lawful beneficiary thereof other than himself or his legal representatives, shall be entitled to its proceeds and all other benefits against creditors and representatives of the person effecting the same; provided, that, subject to the statute of limitations, the amount of any premiums for said insurance paid in fraud of creditors, with interest thereon, shall enure to their benefit from the proceeds of the policy.

Source. 1850, 967:2. CS 155:2. GS 160:2. GL 175:2. PS 171:2. PL 277:2. 1931, 175:1. RL 327:2.