(a) A minor domiciled in this state who has attained the age of 16 years shall be considered competent to receive and to give full acquittance and discharge for a payment or payments in aggregate amount not exceeding $3,000 in any one year made by a life insurer under the maturity, death, or settlement agreement provisions in effect or elected by the minor under a life insurance policy or annuity contract, if the policy, contract, or agreement provides for the payment or payments to the minor, and if before the payment the insurer has not received written notice of the appointment of a duly qualified guardian of the property of the minor. A minor is not competent to alienate to the right to or to anticipate the payments.
(b) This section does not require an insurer to determine whether another insurer is effecting a similar payment to the same minor.
Section: Previous 21.42.210 21.42.220 21.42.230 21.42.240 21.42.250 21.42.260 21.42.265 21.42.270 21.42.280 21.42.290 21.42.300 21.42.310 21.42.315 21.42.320-21.42.340 NextLast modified: November 15, 2016