(1)(a) Except as provided in subdivision (1)(b) of this section and in section 68-919, all proceeds, cash values, and benefits accruing under any annuity contract, under any policy or certificate of life insurance payable upon the death of the insured to a beneficiary other than the estate of the insured, or under any accident or health insurance policy shall be exempt from attachment, garnishment, or other legal or equitable process and from all claims of creditors of the insured and of the beneficiary if related to the insured by blood or marriage, unless a written assignment to the contrary has been obtained by the claimant.
(b) Subdivision (1)(a) of this section shall not apply to:
(i) An individual's aggregate interests greater than one hundred thousand dollars in all loan values or cash values of all matured or unmatured life insurance contracts and in all proceeds, cash values, or benefits accruing under all annuity contracts owned by such individual; and
(ii) An individual's interest in all loan values or cash values of all matured or unmatured life insurance contracts and in all proceeds, cash values, or benefits accruing under all annuity contracts owned by such individual, to the extent that the loan values or cash values of any matured or unmatured life insurance contract or the proceeds, cash values, or benefits accruing under any annuity contract were established or increased through contributions, premiums, or any other payments made within three years prior to bankruptcy or within three years prior to entry against the individual of a money judgment which thereafter becomes final.
(c) An insurance company shall not be liable or responsible to any person to determine or ascertain the existence or identity of any such creditors prior to payment of any such loan values, cash values, proceeds, or benefits.
(2) Notwithstanding subsection (1) of this section, proceeds, cash values, and benefits accruing under any annuity contract or under any policy or certificate of life insurance payable upon the death of the insured to a beneficiary other than the estate of the insured shall not be exempt from attachment, garnishment, or other legal or equitable process by a judgment creditor of the beneficiary if the judgment against the beneficiary was based on, arose from, or was related to an act, transaction, or course of conduct for which the beneficiary has been convicted by any court of a crime punishable only by life imprisonment or death. No insurance company shall be liable or responsible to any person to determine or ascertain the existence or identity of any such judgment creditor prior to payment of any such proceeds, cash values, or benefits. This subsection shall apply to any judgment rendered on or after January 1, 1995, irrespective of when the criminal conviction is or was rendered and irrespective of whether proceedings for attachment, garnishment, or other legal or equitable process were pending on March 14, 1997.
Notes of Decisions
Matter of Nuttleman (1990)
nebraskab · cites it 8×
“Section 44-371 allows the debtor to exempt up to $10,000 of an annuity from the bankruptcy estate.”
Matter of Armstrong (1988)
nebraskab · cites it 8×
“On their bankruptcy schedules, the debtors claim cash value and various annuity policies in the total sum of $377,918 to be exempt property pursuant to Neb.Rev.Stat. § 44-371 (Reissue 1984). That statute, as of the date of the filing of the bankruptcy petition, generally…”
Matter of Borgmann (1994)
nebraskab · cites it 17×
“Under § 44-371, insurance proceeds are exempt from claims of creditors of the insured and from claims of creditors of “the beneficiary if related to the insured by blood or marriage-” Neb.Rev.Stat. § 44-371 (Reissue 1988). In this case, the other driver was the “insured”.”
Albracht v. Prudential Insurance Co. of America (1978)
neb · cites it 28×
“The sole issue in this case is whether the oral assignment was ineffective under the provisions of section 44-371, R.R.S.1943. The District Court determined that the plaintiff had an equitable lien on the proceeds of the insurance policy in the sum of $8,492.”
Abbott Bank-Hemingford v. Armstrong (In Re Armstrong) (1989)
ned · cites it 4×
“The exemption statute in effect at the time the bankruptcy petition was filed, Neb.Rev.Stat. § 44-371, provided in pertinent part: All proceeds, cash values and benefits accruing under any annuity contract, or under any policy or certificate of life insurance payable upon the…”
Mullikin v. Pedersen (1955)
neb · cites it 2×
“1943: “All money * * * and every benefit accruing under * * * any policy or certificate of life insurance payable to a beneficiary other than the estate of the insured * * * heretofore or hereafter issued, shall be exempt from * * * all claims of creditors of the insured, and of…”
Matter of Weaver (1988)
nebraskab · cites it 2×
“See Neb.Rev.Stat. § 44-371. This was of considerable concern to creditors who felt that an unlimited exemption was absurd and abusive.”
In re Bailey (1959)
ned · cites it 2×
“” There were cited both Sections 25-1552 and 25-1556 as well as Sections 25-1553 and 25-1554, and also because of the claim that an insurance policy was exempt, Section 44-371. In the application to release the truck from the execution which had been levied, all four sections,…”
Nuttleman v. Myers (1991)
ned
“01 and § 44-371 (Reissue 1988). The first meeting of creditors was held on December 15, 1989.”
In Re Fahey (2006)
cob
“37(10); Neb.Rev.Stat. § 44-371; N.Y. Ins. Law § 3212 (b)(2); N.”
Matter of Burchard (1997)
nebraskab
“Arlen Beam concluded that the exemption for annuity contracts under § 44-371 of the Nebraska Revised Statutes, extends to savings certificates purchased with the proceeds of an exempt annuity.”
— Neb. Rev. Stat. § 44-371(1) — 2 cases
Matter of Borgmann (1994)
nebraskab
“Under § 44-371, insurance proceeds are exempt from claims of creditors of the insured and from claims of creditors of “the beneficiary if related to the insured by blood or marriage-” Neb.Rev.Stat. § 44-371 (Reissue 1988). In this case, the other driver was the “insured”.”
— Neb. Rev. Stat. § 44-371(1)(a) — 1 case
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