The proceeds of any life insurance are not subject to the debts of the deceased, except by special contract or arrangement, to be made in writing.
History: C.L. 1884, § 1422, substituted by Laws 1889, ch. 90, § 21; C.L. 1897, § 2042; Code 1915, § 2316; C.S. 1929, § 48-106; 1941 Comp., § 21-505; 1953 Comp., § 24-5-5.
ANNOTATIONSBracketed material. — The bracketed material was inserted by the compiler and is not part of the law.
Compiler's notes. — Laws 1889, ch. 90, § 21 commenced as follows: "Sections 1410 to 1422, both inclusive, of the Compiled Laws of 1884, are repealed, and the following sections, bearing the same numbers respectively, are hereby substituted in place of said repealed sections:" and then set out sections numbered §§ 1410 to 1422. The provisions of said § 1422, as set out in the 1889 law, are set out in the text of the present section.
Compiled Laws 1884, § 1422 being Laws 1871-1872, ch. 17, § 1, read: "When either the husband or wife dies without legitimate children the one surviving shall be heir to all the acquired property of the marriage community."
Indemnification for funeral expenses permitted. — This section would not prevent provision in a life insurance contract authorizing the insurance company to pay to any person who was subjected to expense incident to the burial of the deceased a sum equal to the money thus expended. 1948 Op. Att'y Gen. No. 48-5164.
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. — 31 Am. Jur. 2d Exemptions §§ 179 to 182, 184 to 188, 190 to 194, 198.
Right, with respect to exempt proceeds of life insurance, of one whose funds have been wrongfully used to pay premiums, 24 A.L.R. 672.
Assignee of insurance policy, exemption of proceeds available to, 1 A.L.R.2d 1031.
Endowment policy as life insurance within exemption law, 30 A.L.R.2d 751.
35 C.J.S. Exemptions §§ 39 to 42.