The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
001
:
GENERALLY
(Cite as: 8 V.S.A. § 3705)
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§ 3705. Spendthrift provisions; creditors of beneficiary
When a contract of annuity, a policy of insurance, or other contract of a life insurance
company authorized to do business in this State is entered into with any person for
the benefit of another, and such contract so provides, a beneficiary entitled to any
of the proceeds retained thereunder by such company or to interest thereon shall not
be permitted to commute, anticipate, encumber, alienate, or assign the principal or
interest thereon, or any part thereof, nor, if such contract so provides, shall any
part of such principal or interest be subject to the claims of creditors of any such
beneficiary, nor be in any way subject to such beneficiary’s debts, contracts, or
engagements, or to any judicial process to levy upon or attach such proceeds for payment
of such claims or demands. Contracts so providing shall be valid and enforceable. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 5).)