Amends TCA Title 56.
Tennessee HB1013 amends Title 56 of the Tennessee Code Annotated to clarify that the phrase "for the benefit of" includes beneficiaries of life insurance policies or annuity contracts, specifically regarding exemptions from creditor claims. The bill affects individuals who hold such policies or contracts, particularly those made for the benefit of spouses, children, or dependent relatives. Key provisions include the clarification that the use of exempt funds does not alter their classification from exempt to nonexempt.
Tennessee HB1013 amends Title 56 of the Tennessee Code Annotated to clarify that the phrase "for the benefit of" includes beneficiaries of life insurance policies or annuity contracts, specifically regarding exemptions from creditor claims. The bill affects individuals who hold such policies or contracts, particularly those made for the benefit of spouses, children, or dependent relatives. Key provisions include the clarification that the use of exempt funds does not alter their classification from exempt to nonexempt.
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