§ 56-7-203 — Life insurance or annuity for or assigned to spouse or children or dependent relatives exempt from claims of creditors

The net amount payable under any policy of life insurance or under any annuity contract upon the life of any person made for the benefit of, or assigned to, the spouse and/or children, or dependent relatives of the persons, shall be exempt from all claims of the creditors of the person arising out of or based upon any obligation created after January 1, 1932, whether or not the right to change the named beneficiary is reserved by or permitted to that person.

Legislative History

Acts 1925, ch. 113, § 1; Shan. Supp., § 4232a; mod. Code 1932, § 8458; T.C.A. (orig. ed.), § 56-1110.