Pennsylvania Act 1919-129 — LIFE INSURANCE, ASSIGNMENT OF PROCEEDS PROHIBITED IN SOME CASES

Act text

LIFE INSURANCE, ASSIGNMENT OF PROCEEDS PROHIBITED IN SOME CASE
                  Act of May 17, 1919, P.L. 208, No. 129              Cl. 40
                                  AN ACT

     Prohibiting, under certain conditions, the commutation,
        encumbrance, or assignment of the proceeds of life insurance
        and annuity policies and the income arising therefrom by
        persons entitled thereto; prohibiting the attachment of such
        proceeds and income; and authorizing life insurance companies
        to hold such proceeds as part of the general corporate funds.

        Section 1.  Whenever under the terms of any annuity or policy
     of life insurance, or under any written agreement supplemental
     thereto, issued by any insurance company, domestic or foreign,
     lawfully doing business in this State, the proceeds are retained
     by such company at maturity or otherwise, no person entitled to
     any part of such proceeds, or any instalment 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 policy or supplemental agreement; and, further, that
     such company shall not be required to segregate such funds, but
     may hold them as a part of its general corporate funds. (1
     repealed in part Apr. 28, 1978, P.L.202, No.53)