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. § 3709)
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§ 3709. Annuity contracts—Assignability of rights
(a) The benefits, rights, privileges, and options that under any annuity contract heretofore
or hereafter issued are due or prospectively due the annuitant, shall not be subject
to execution nor shall the annuitant be compelled to exercise any such rights, powers,
or options, nor shall creditors be allowed to interfere with or terminate the contract,
except:
(1) As to considerations paid for any such annuity with intent to defraud creditors, with
interest thereon, and of which the creditor has given the insurer written notice at
its home office prior to the making of the payments to the annuitant out of which
the creditor seeks to recover. Any such notice shall specify the amount claimed or
such facts as will enable the insurer to ascertain such amount and shall set forth
such facts as will enable the insurer to ascertain the annuity contract, the annuitant
and the payments sought to be avoided on the ground of fraud.
(2) The total exemption of benefits presently due and payable to any annuitant periodically
or at stated times under all annuity contracts under which he or she is an annuitant,
shall not at any time exceed $350.00 per month for the length of time represented
by such installments, and that such periodic payments in excess of $350.00 per month
shall be subject to garnishee execution.
(3) If the total benefits presently due and payable to any annuitant under all annuity
contracts under which he or she is an annuitant, shall at any time exceed payment
at the rate of $350.00 per month, then the court may order such annuitant to pay to
a judgment creditor or apply on the judgment, in installments, such portion of such
excess benefits as to the court may appear just and proper, after due regard for the
reasonable requirements of the judgment debtor and his or her family if dependent
upon him or her, as well as any payments required to be made by the annuitant to other
creditors under prior court orders.
(b) If the contract so provides, the benefits, rights, privileges, or options accruing
under such contract to a beneficiary or assignee shall not be transferable nor subject
to commutation, and if the benefits are payable periodically or at stated times, the
same exemptions and exceptions contained herein for the annuitant, shall apply with
respect to such beneficiary or assignee. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 9).)