Bill Summary for S 540 (2013-2014)

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Summary date: 

Mar 28 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 540 (Public) Filed Thursday, March 28, 2013
A BILL TO BE ENTITLED AN ACT AMENDING THE EXEMPTION LAWS AND CONFORMING THE STATUTE GOVERNING THE ATTACHMENT OF INSURANCE BENEFITS PAID BY FRATERNAL BENEFIT SOCIETIES TO THAT FOR LIFE INSURANCE.
Intro. by Clodfelter.

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Bill summary

Amends subsection (a)(8) of GS 1C-1601 to clarify that the property exemption which allows a debtor to protect certain property from the claims of creditors applies to compensation for bodily personal injury (was, personal injury). Amends subsection (d) to provide that provisions regarding recent purchases include intangible personal property as well as tangible personal property. Applies to claims arising on or after the effective date.

Amends GS 58-24-85 to provide that any money or other benefits paid by a fraternal benefit society to the estate of an insured memberbecomes a part of the estate of the member and is available for the payment of debts. Applies to benefits paid or payable on or after the effective date.

Effective October 1, 2013.