(a)The benefits, rights, privileges and options which
under any annuity contract issued are due or prospectively due
the annuitant, are not subject to execution nor is the annuitant
compelled to exercise any such rights, powers or options.
Creditors are not allowed to interfere with or terminate the
contract, except:
(i)As to amounts paid for or as premium on the
annuity with intent to defraud creditors, with interest thereon,
and of which the creditor gives the insurer written notice at
its home office prior to the making of the payment to the
annuitant out of which the creditor seeks to recover, which
notice shall specify:
(A)The amount claimed or facts to enable the
ascertainment of the amount; and
(B)Facts to enable the insurer to ascertain the
annuity contract, the annuitant and t
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(a) The benefits, rights, privileges and options which
under any annuity contract issued are due or prospectively due
the annuitant, are not subject to execution nor is the annuitant
compelled to exercise any such rights, powers or options.
Creditors are not allowed to interfere with or terminate the
contract, except:
(i) As to amounts paid for or as premium on the
annuity with intent to defraud creditors, with interest thereon,
and of which the creditor gives the insurer written notice at
its home office prior to the making of the payment to the
annuitant out of which the creditor seeks to recover, which
notice shall specify:
(A) The amount claimed or facts to enable the
ascertainment of the amount; and
(B) Facts to enable the insurer to ascertain the
annuity contract, the annuitant and the payment sought to be
avoided on the ground of fraud.
(ii) The total exemption of benefits presently due
and payable to any annuitant periodically or at stated times
under all annuity contracts under which he is an annuitant shall
not at any time exceed three hundred fifty dollars ($350.00) per
month for the length of time represented by the installments,
and any periodic payments in excess of three hundred fifty
dollars ($350.00) per month are subject to garnishee execution
to the same extent as are wages and salaries;
(iii) If the total benefits presently due and payable
to any annuitant under any annuity contracts at any time exceed
three hundred fifty dollars ($350.00) per month, the court may
order the annuitant to pay to a judgment creditor or apply on
the judgment, in installments, that portion of the excess
benefits as to the court appear just and proper, after regard
for the reasonable requirements of the judgment debtor and his
family, if dependent upon him, as well as any payments required
to be made by the annuitant to other creditors under prior court
order.
(b) If the contract provides, the benefits, rights,
privileges or options accruing under that contract to a
beneficiary or assignee are not transferable nor subject to
commutation, and if the benefits are payable periodically or at
stated times, the same exemptions and exceptions contained in
this section for the annuitant, apply to the beneficiary or
assignee.