Michigan Compiled Laws § 557.216 Life Insurance Proceeds; Payment By Insurer; Discharge; Effect Of Notice By Person Claiming Interest In Policy Or Payment.

***** 557.216 THIS SECTION WAS REPEALED BY ACT 39 OF 1948 (1ST EX. SESS.) EFFECTIVE MAY 10, 1948, SUBJECT TO SAVINGS PROVISIONS IN § 557.252 ET SEQ. *****

557.216 Life insurance proceeds; payment by insurer; discharge; effect of notice by person claiming interest in policy or payment.

Sec. 16.

Notwithstanding the provisions of this act, when the proceeds of, or payments under a policy or contract issued by a life insurance company become payable and the company makes payment thereof in accordance with the terms thereof, or in accordance with the terms of any written assignment thereof, if the policy or contract has been assigned, such payment shall fully discharge the company from all claims under such policy or contract unless, before such payment is made, the company has received, at its home office, written notice by or on behalf of some other person that such other person claims to be entitled to such payment or some interest in the policy or contract.

History: 1947, Act 317, Imd. Eff. July 1, 1947 ;-- CL 1948, 557.216

Compiler's Notes: This act was repealed by MCL 557.251, subject to the saving provisions contained in MCL 557.252 et seq.

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Last modified: October 10, 2016