Any beneficiary fund not exceeding five thousand dollars [($5,000)], set apart, appropriated or paid, by any benevolent association or society, according to its rules, regulations or bylaws, to the family of any deceased member, or to any member of such family, shall not be liable to be taken by any process or proceedings, legal or equitable, to pay any debts of such deceased member.
History: Laws 1887, ch. 37, § 7; C.L. 1897, § 1741; Code 1915, § 2315; C.S. 1929, § 48-105; 1941 Comp., § 21-504; 1953 Comp., § 24-5-4.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Law reviews. — For comment, "A Comparison of State and Federal Exemptions: 11 U.S.C. § 101-1330 (Supp. II 1978)," see 10 N.M.L. Rev. 431 (1980).
Am. Jur. 2d, A.L.R. and C.J.S. references. — Construction and effect of statutory exemptions of proceeds of workmen's compensation awards, 31 A.L.R.3d 532.
Validity, construction and effect of statutory exemptions of proceeds of workers' compensation awards, 48 A.L.R.5th 473.