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ID S1109
Bill
Status
4/3/2013
Primary Sponsor
Judiciary and Rules Committee
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AI Summary
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Adds new subsection (d) to Idaho Code Section 41-1836 to limit exemptions for deferred annuity contracts with cash surrender provisions that are not making periodic payments.
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Cash surrender value of deferred annuity contracts becomes subject to creditor claims, limited to premiums paid within 6 months before bankruptcy filing or date of attachment or levy on execution, whichever applies.
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Maintains existing protections for periodic annuity payments (capped at $1,250 per month) and exemptions for amounts paid with intent to defraud creditors.
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Does not affect beneficiary or assignee protections under the contract if periodic payments are being made to those parties.
Legislative Description
Amends existing law to provide that certain exemptions and protections from execution and attachment shall not apply to certain deferred annuity contracts.
ANNUITY CONTRACTS
Last Action
Signed by Governor on 04/03/13 Session Law Chapter 246 Effective: 07/01/13
4/3/2013