2009 Alabama Code
Title 27 — INSURANCE.
Chapter 14 — THE INSURANCE CONTRACT.
Section 27-14-30 Right to proceeds when same retained by life insurer.
Section 27-14-30Right to proceeds when same retained by life insurer.
If under the terms of any annuity contract or life insurance policy, or under any written agreement supplemental thereto, issued by any life insurer, the proceeds, or any part thereof, are retained by the insurer at maturity or otherwise, no person entitled to any part of such proceeds or any installments of interest due, or to become due thereon, shall be permitted to commute, anticipate, encumber, alienate, or assign the same, or any part thereof, if such permission is expressly withheld by the terms of such contract, policy, or supplemental agreement; and if such contract, policy or supplemental agreement so provides, no payment of interest or of principal shall be in any way subject to such person's debts, contracts, or engagements nor to any judicial process to levy upon, or attach the same, for payment thereof.
(Acts 1935, No. 231, p. 627; Code 1940, T. 28, §4; Acts 1971, No. 407, p. 707, §343.)Disclaimer: These codes may not be the most recent version. Alabama may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
