33-15-512. Exemption from execution of proceeds of group life -- exception. (1) A policy of group life insurance or the proceeds of the policy payable to the individual insured or to the beneficiary under the policy may not be liable, either before or after payment, to be applied by any legal or equitable process to pay any debt or liability of the insured individual, of the individual's beneficiary, or of any other person having a right under the policy. The proceeds of the policy, when not made payable to a named beneficiary or to a third person pursuant to a facility-of-payment clause, may not constitute a part of the estate of the individual insured for the payment of the individual's debts.
(2) This section does not apply to group life insurance issued pursuant to Title 33, chapter 20, parts 10, 11, and 12, to a creditor covering the creditor's debtors to the extent that the proceeds are applied to payment of the obligation for the purpose of which the insurance was issued.
History: En. Sec. 292, Ch. 286, L. 1959; R.C.M. 1947, 40-3735; amd. Sec. 1191, Ch. 56, L. 2009.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Chapter 15. The Insurance Contract
33-15-501. Payment discharges insurer -- notice to contrary
33-15-502. Minor may give acquittance
33-15-503. Forms for proof of loss to be furnished
33-15-504. Claims administration not waiver
33-15-505. through 33-15-510 reserved
33-15-511. Exemption from execution of life insurance proceeds
33-15-512. Exemption from execution of proceeds of group life -- exception
33-15-513. Exemption from execution of proceeds of disability insurance
33-15-514. Exemption from execution of proceeds of annuity contracts -- assignability of rights