South Carolina § 38-63-50 Spendthrift provisions in settlement agreements are valid.

South Carolina Statutes

§ 38-63-50 — Spendthrift provisions in settlement agreements are valid.

South Carolina § 38-63-50

Title 38INSURANCE

Ch. 63INDIVIDUAL LIFE INSURANCE

This text of South Carolina § 38-63-50 (Spendthrift provisions in settlement agreements are valid.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 38-63-50 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.

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.