Bill Summaries: S 540 MODIFY EXEMPTIONS/FRATERNAL INS. BENEFITS.

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  • Summary date: Mar 28 2013 - View 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.