Current through Register Vol. 54, No. 37, September 14, 2024
Section 19.145 - Section containing pre-1937 enacting clauseSection 1. Section 1 of the act of June 28, 1923 (P. L. 884, No. 335), entitled "An act exempting in certain cases the net proceeds of life insurance policies or annuities from the claims of creditors," is amended to read: Section 1. Be it enacted, &c., That the net amount payable under any policy of life insurance or under any annuity contract upon the life of any person, heretofore or hereafter made for the benefit of or assigned to the [wife] spouse or children or dependent relative of such person, shall be exempt from all claims of the creditors of such person arising out of or based upon any obligation created after the passage of this act, whether or not the right to change the named beneficiary is reserved by or permitted to such person.