38.2-3118 - Spendthrift trusts created under life insurance policies. - Virginia Statutes

§ 38.2-3118. Spendthrift trusts created under life insurance policies.

If, under the terms of any life insurance policy or of any written agreementsupplemental to a life insurance policy, the proceeds are retained by theinsurer at maturity or otherwise, no person entitled to any part of theproceeds, or to any installment of interest due or becoming due, may commute,anticipate, encumber, alienate or assign the proceeds or any part of theproceeds or interest if permission is expressly withheld by the terms of thepolicy or supplemental agreement. If the life insurance policy orsupplemental agreement provides, no payments of interest or principal shallbe in any way subject to the person's debts, contracts or engagements, nor toany judicial process to levy upon or attach the interest or principal forpayment of those debts, contracts, or engagements.

(Code 1950, § 38-115; 1952, c. 317, § 38.1-444; 1986, c. 562.)