South Carolina Statutes
§ 38-65-100 — 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 incumbrance 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 § 38-65-100 (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 38-9-350 [1953 (48) 493; 1962 Code SECTION 37-169.1] recodified as SECTION 38-65-100 by 1987 Act No. 155, SECTION 1.
Nearby Sections
15
§ 38-65-120
Interest on payment; when required.§ 38-65-130
Group life insurance.§ 38-65-210
Provisions required in all policies.§ 38-65-360
Promulgation of regulations.§ 38-65-40
Requirements of policies.