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2018 Georgia Code 33-28-7 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 33-28-7 Case Law from Google Scholar Amendments to OCGA 33-28-7

TITLE 33 INSURANCE

Section 28. Annuity and Pure Endowment Contracts, 33-28-1 through 33-28-7.

ARTICLE 4 UNDERWRITING AND RATE RISKING

33-28-7. Proceeds of annuity, reversionary annuity, or pure endowment contracts not liable to attachment, garnishment, or legal process in favor of creditors of beneficiary.

The proceeds of annuity, reversionary annuity, or pure endowment contracts issued to citizens or residents of this state, upon whatever form, shall not in any case be liable to attachment, garnishment, or legal process in favor of any creditor of the person who is the beneficiary of such annuity contract unless the annuity contract was assigned to or was effected for the benefit of such creditor or unless the purchase, sale, or transfer of the policy is made with the intent to defraud creditors.

(Code 1933, § 56-2603, enacted by Ga. L. 1960, p. 289, § 1; Ga. L. 2006, p. 885, § 2/HB 1304.)

Law reviews.

- For article, "Consumer Bankruptcy Panel: Hot Consumer Bankruptcy Plan Issues," see 28 Emory Bankr. Dev. J. 333 (2012).

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarities of the statutory provisions, decisions under former Code 1933, §§ 56-901 and 56-905, are included in the annotations for this Code section.

This section creates no exemption of a debtor's property from execution, but rather a special cause of action for a creditor against one who is not the principal debtor. United States v. Truax, 223 F.2d 229 (5th Cir. 1955) (decided under former Code 1933, §§ 56-901 and 56-905).

Bankruptcy.

- There is no indication that the Georgia General Assembly intended to amend or supplement the bankruptcy specific exemptions found in O.C.G.A. § 44-13-100 by way of the more general Georgia Insurance Code provisions. Rather, it appears that the General Assembly intended the Georgia Insurance Code to apply to nonbankruptcy situations with the bankruptcy specific exemptions in § 44-13-100 applying in bankruptcy cases. In re Allen, Bankr. (Bankr. M.D. Ga. Oct. 4, 2010).

Cited in King v. Travelers Ins. Co., 202 Ga. App. 568, 415 S.E.2d 176 (1992); Silliman v. Cassell (In re Cassell), 443 Bankr. 200 (Bankr. N.D. Ga. 2010).

RESEARCH REFERENCES

C.J.S.

- 46A C.J.S., Insurance, § 1951.

ALR.

- Purchase of annuity by debtor as fraud on creditors, 154 A.L.R. 727.

Endowment policy as life insurance within exemption law, 30 A.L.R.2d 751.

Enforceability, in forum, of extraterritorial waiver of debtor's exemption valid where made, 60 A.L.R.2d 1449.

Qualification of life insurance proceeds held by insurer for federal estate tax marital deduction, 78 A.L.R.2d 1029.

What constitutes state or local law that is applicable on date of filing of bankruptcy petition for purposes of applying 11 U.S.C.A. § 522(b)(3)(A) or its predecessor in opt-out states, 76 A.L.R. Fed. 2d 333.

No results found for Georgia Code 33-28-7.