Amends TCA Title 56.
Tennessee HB1045 clarifies the exemption from claims of creditors for the net amounts payable under life insurance policies or annuity contracts designated for the benefit of a person's spouse, children, or dependent relatives. The bill specifically states that such exemptions include claims through execution, attachment, seizure, and garnishment, and asserts that the use of exempt funds does not alter their exempt status. This legislation affects individuals holding life insurance or annuity contracts and their beneficiaries by reinforcing the protection of these funds from creditor claims.
Tennessee HB1045 clarifies the exemption from claims of creditors for the net amounts payable under life insurance policies or annuity contracts designated for the benefit of a person's spouse, children, or dependent relatives. The bill specifically states that such exemptions include claims through execution, attachment, seizure, and garnishment, and asserts that the use of exempt funds does not alter their exempt status. This legislation affects individuals holding life insurance or annuity contracts and their beneficiaries by reinforcing the protection of these funds from creditor claims.
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