20-1125 - Arizona Statutes

20-1125. Discharge of payor by payment of benefits under employee benefit plan or life insurance policy Notwithstanding the provisions of section 25-211, when payment or refund is made to an employee, former employee or his beneficiary or estate pursuant to a written retirement, death or other employee benefit plan or savings plan, or when the proceeds of, or payments under, a policy or contract issued by a life insurance company becomes payable, and the company makes payment in accordance with the terms thereof, or in accordance with the terms of a written assignment thereof if the policy or contract has been assigned, the payment or refund shall fully discharge the employer and any trustee or insurance company making the payment or refund from all adverse claims thereto unless, before payment or refund is made, the employer or former employer, where the payment is made by the employer or former employer, has received at its principal place of business within this state, written notice by or on behalf of some other person that such other person claims to be entitled to the payment or refund or some part thereof, or where a trustee or insurance company is making the payment, the notice has been received by the trustee or insurance company at its home office. Nothing in this section shall affect a claim or right to the payment or refund or part thereof as between all persons other than the employer and the trustee or insurance company making such payment or refund.