South Carolina Statutes
§ 38-63-50 — Spendthrift provisions in settlement agreements are valid.
When the proceeds of a life insurance policy becoming a claim by death of the insured are left with an insurance company under a trust or other agreement, the benefits accruing thereunder after the death of the insured are not transferable nor subject to computation or encumbrance nor to legal process, except in an action to recover for necessaries if the parties to the trust or other agreement so agree.
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South Carolina § 38-63-50 (Spendthrift provisions in settlement agreements are valid.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: Former 1976 Code SECTION 38-63-50 [1985 Act No. 189, SECTION 1] recodified as SECTION 38-53-50 by 1987 Act No. 155, SECTION 1; Former 1976 Code SECTION 38-9-350 [1953 (48) 493; 1962 Code SECTION 37-169.1] recodified as SECTION 38-63-50 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-63-110
Individual life insurance.§ 38-63-220
Required policy provisions.§ 38-63-225
Suicide and death exclusions.§ 38-63-230
Methods of rescission by insurer.§ 38-63-240
Interest rate on insurance policy loans.§ 38-63-250
Alternative adjustable interest rate.§ 38-63-280
Written disclosures.