§ 10-7-106 — Exclusive right of insured in proceeds

Colorado § 10-7-106

• Jurisdiction: Colorado
• Title 10: Insurance
• Art.: Life Insurance

Text

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, other than the insured, entitled to any part of such
proceeds or any installment 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, if such policy or supplemental agreement so
provides, no payments of interest or of principal shall be in any way subject to such
person's debts, contracts, or engagements nor to any judicial processes to levy
upon or attach the same for payment thereof.

Legislative History

Source: L. 25: p. 310, � 1. CSA: C. 87, � 64. CRS 53: � 72-3-11. C.R.S. 1963: � 72-3-11.