Texas Family Code - Section 9.301. Pre-Decree Designation Of Ex-Spouse As Beneficiary Of Life Insurance
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§ 9.301. PRE-DECREE DESIGNATION OF EX-SPOUSE AS
BENEFICIARY OF LIFE INSURANCE. (a) If a decree of divorce or
annulment is rendered after an insured has designated the insured's
spouse as a beneficiary under a life insurance policy in force at
the time of rendition, a provision in the policy in favor of the
insured's former spouse is not effective unless:
(1) the decree designates the insured's former spouse
as the beneficiary;
(2) the insured redesignates the former spouse as the
beneficiary after rendition of the decree; or
(3) the former spouse is designated to receive the
proceeds in trust for, on behalf of, or for the benefit of a child or
a dependent of either former spouse.
(b) If a designation is not effective under Subsection (a),
the proceeds of the policy are payable to the named alternative
beneficiary or, if there is not a named alternative beneficiary, to
the estate of the insured.
(c) An insurer who pays the proceeds of a life insurance
policy issued by the insurer to the beneficiary under a designation
that is not effective under Subsection (a) is liable for payment of
the proceeds to the person or estate provided by Subsection (b) only
if:
(1) before payment of the proceeds to the designated
beneficiary, the insurer receives written notice at the home office
of the insurer from an interested person that the designation is not
effective under Subsection (a); and
(2) the insurer has not interpleaded the proceeds into
the registry of a court of competent jurisdiction in accordance
with the Texas Rules of Civil Procedure.
Added by Acts 1997, 75th Leg., ch. 7, § 1, eff. April 17, 1997.
Section: 9.1045 9.105 9.201 9.202 9.203 9.204 9.205 9.301 9.302 31.001 31.002 31.003 31.004 31.005 31.006
Last modified: August 11, 2007
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