CODE OF VIRGINIA

SPENDTHRIFT TRUSTS CREATED UNDER LIFE INSURANCE POLICIES (§ 38.2-3118)

If, under the terms of any life insurance policy or of any written agreement
supplemental to a life insurance policy, the proceeds are retained by the
insurer at maturity or otherwise, no person entitled to any part of the
proceeds, or to any installment of interest due or becoming due, may commute,
anticipate, encumber, alienate or assign the proceeds or any part of the
proceeds or interest if permission is expressly withheld by the terms of the
policy or supplemental agreement. If the life insurance policy or supplemental
agreement provides, no payments of interest or principal shall be in any way
subject to the person’s debts, contracts or engagements, nor to any
judicial process to levy upon or attach the interest or principal for payment of
those debts, contracts, or engagements.

HISTORY: Code 1950, § 38-115; 1952, c. 317, § 38.1-444; 1986, c. 562.