§ 20-111.1. Revocation of death benefits by divorce or annulment.
A. Upon the entry of a decree of annulment or divorce from the bond ofmatrimony on and after July 1, 1993, any revocable beneficiary designationcontained in a then existing written contract owned by one party thatprovides for the payment of any death benefit to the other party is revoked.A death benefit prevented from passing to a former spouse by this sectionshall be paid as if the former spouse had predeceased the decedent. The payorof any death benefit shall be discharged from all liability upon payment inaccordance with the terms of the contract providing for the death benefit,unless the payor receives written notice of a revocation under this sectionprior to payment.
B. The term "death benefit" includes any payments under a life insurancecontract, annuity, retirement arrangement, compensation agreement or othercontract designating a beneficiary of any right, property or money in theform of a death benefit.
C. This section shall not apply (i) to the extent a decree of annulment ordivorce from the bond of matrimony, or a written agreement of the partiesprovides for a contrary result as to specific death benefits, or (ii) to anytrust or any death benefit payable to or under any trust.
D. If this section is preempted by federal law with respect to the payment ofany death benefit, a former spouse who, not for value, receives the paymentof any death benefit that the former spouse is not entitled to under thissection is personally liable for the amount of the payment to the person whowould have been entitled to it were this section not preempted.
§ 20-111.1. Revocation of death benefits by divorce or annulment.
A. Upon the entry of a decree of annulment or divorce from the bond ofmatrimony on and after July 1, 1993, any revocable beneficiary designationcontained in a then existing written contract owned by one party thatprovides for the payment of any death benefit to the other party is revoked.A death benefit prevented from passing to a former spouse by this sectionshall be paid as if the former spouse had predeceased the decedent. The payorof any death benefit shall be discharged from all liability upon payment inaccordance with the terms of the contract providing for the death benefit,unless the payor receives written notice of a revocation under this sectionprior to payment.
B. The term "death benefit" includes any payments under a life insurancecontract, annuity, retirement arrangement, compensation agreement or othercontract designating a beneficiary of any right, property or money in theform of a death benefit.
C. This section shall not apply (i) to the extent a decree of annulment ordivorce from the bond of matrimony, or a written agreement of the partiesprovides for a contrary result as to specific death benefits, or (ii) to anytrust or any death benefit payable to or under any trust.
D. If this section is preempted by federal law with respect to the payment ofany death benefit, a former spouse who, not for value, receives the paymentof any death benefit that the former spouse is not entitled to under thissection is personally liable for the amount of the payment to the person whowould have been entitled to it were this section not preempted.
§ 20-111.1. Revocation of death benefits by divorce or annulment.
A. Upon the entry of a decree of annulment or divorce from the bond ofmatrimony on and after July 1, 1993, any revocable beneficiary designationcontained in a then existing written contract owned by one party thatprovides for the payment of any death benefit to the other party is revoked.A death benefit prevented from passing to a former spouse by this sectionshall be paid as if the former spouse had predeceased the decedent. The payorof any death benefit shall be discharged from all liability upon payment inaccordance with the terms of the contract providing for the death benefit,unless the payor receives written notice of a revocation under this sectionprior to payment.
B. The term "death benefit" includes any payments under a life insurancecontract, annuity, retirement arrangement, compensation agreement or othercontract designating a beneficiary of any right, property or money in theform of a death benefit.
C. This section shall not apply (i) to the extent a decree of annulment ordivorce from the bond of matrimony, or a written agreement of the partiesprovides for a contrary result as to specific death benefits, or (ii) to anytrust or any death benefit payable to or under any trust.
D. If this section is preempted by federal law with respect to the payment ofany death benefit, a former spouse who, not for value, receives the paymentof any death benefit that the former spouse is not entitled to under thissection is personally liable for the amount of the payment to the person whowould have been entitled to it were this section not preempted.
