{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/38.2-3118.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/38.2-3118.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/38.2-3118.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/38.2-3118.html"}],"law_id":84737,"edition_id":1,"section_id":84737,"structure_id":14931,"section_number":"38.2-3118","catch_line":"Spendthrift trusts created under life insurance policies","history":"Code 1950, \u00a7 38-115; 1952, c. 317, \u00a7 38.1-444; 1986, c. 562.","full_text":"If, under the terms of any life insurance policy or of any written agreement supplemental to a life insurance policy, the proceeds are retained by the insurer at maturity or otherwise, no person entitled to any part of the proceeds, or to any installment of interest due or becoming due, may commute, anticipate, encumber, alienate or assign the proceeds or any part of the proceeds or interest if permission is expressly withheld by the terms of the policy or supplemental agreement. If the life insurance policy or supplemental agreement provides, no payments of interest or principal shall be in any way subject to the person&#8217;s debts, contracts or engagements, nor to any judicial process to levy upon or attach the interest or principal for payment of those debts, contracts, or engagements.","order_by":null,"text":{"0":{"id":303661,"text":"If, under the terms of any life insurance policy or of any written agreement supplemental to a life insurance policy, the proceeds are retained by the insurer at maturity or otherwise, no person entitled to any part of the proceeds, or to any installment of interest due or becoming due, may commute, anticipate, encumber, alienate or assign the proceeds or any part of the proceeds or interest if permission is expressly withheld by the terms of the policy or supplemental agreement. If the life insurance policy or supplemental agreement provides, no payments of interest or principal shall be in any way subject to the person&#8217;s debts, contracts or engagements, nor to any judicial process to levy upon or attach the interest or principal for payment of those debts, contracts, or engagements.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"ancestry":[{"id":14931,"edition_id":1,"name":"Proceeds of Certain Policies","identifier":"2","label":"article","depth":3,"order_by":1,"parent_id":13292,"metadata":{},"date_created":"2026-06-26 03:50:52","date_modified":"2026-06-26 03:50:52","permalink":{"id":214461,"object_type":"structure","relational_id":14931,"identifier":"2","token":"38.2\/31\/2","url":"\/38.2\/31\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13292,"edition_id":1,"name":"Life Insurance","identifier":"31","label":"chapter","depth":2,"order_by":1,"parent_id":12698,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":214331,"object_type":"structure","relational_id":13292,"identifier":"31","token":"38.2\/31","url":"\/38.2\/31\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12698,"edition_id":1,"name":"Insurance","identifier":"38.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":210661,"object_type":"structure","relational_id":12698,"identifier":"38.2","token":"38.2","url":"\/38.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":84737,"structure_id":14931,"section_number":"38.2-3118","catch_line":"Spendthrift trusts created under life insurance policies","url":"\/38.2-3118\/","token":"38.2\/31\/2\/38.2-3118","metadata":false},{"id":66383,"structure_id":14931,"section_number":"38.2-3119","catch_line":"Limitation on \u00a7 38.2-3118","url":"\/38.2-3119\/","token":"38.2\/31\/2\/38.2-3119","metadata":false},{"id":76489,"structure_id":14931,"section_number":"38.2-3120","catch_line":"Repealed","url":"\/38.2-3120\/","token":"38.2\/31\/2\/38.2-3120","metadata":false},{"id":56979,"structure_id":14931,"section_number":"38.2-3121","catch_line":"Segregation of proceeds not required","url":"\/38.2-3121\/","token":"38.2\/31\/2\/38.2-3121","metadata":false},{"id":83224,"structure_id":14931,"section_number":"38.2-3122","catch_line":"Proceeds and avails of life insurance policies and annuity contracts free of certain claims","url":"\/38.2-3122\/","token":"38.2\/31\/2\/38.2-3122","metadata":false},{"id":62935,"structure_id":14931,"section_number":"38.2-3122.1","catch_line":"Annuity contract purchased to fund retirement benefits; protection from creditor's claims","url":"\/38.2-3122.1\/","token":"38.2\/31\/2\/38.2-3122.1","metadata":false},{"id":79949,"structure_id":14931,"section_number":"38.2-3123","catch_line":"Repealed","url":"\/38.2-3123\/","token":"38.2\/31\/2\/38.2-3123","metadata":false},{"id":80079,"structure_id":14931,"section_number":"38.2-3124","catch_line":"Protection of insurers from creditor's claims","url":"\/38.2-3124\/","token":"38.2\/31\/2\/38.2-3124","metadata":false},{"id":77784,"structure_id":14931,"section_number":"38.2-3125","catch_line":"Other rights of beneficiaries and assignees protected","url":"\/38.2-3125\/","token":"38.2\/31\/2\/38.2-3125","metadata":false}],"next_section":{"id":66383,"structure_id":14931,"section_number":"38.2-3119","catch_line":"Limitation on \u00a7 38.2-3118","url":"\/38.2-3119\/","token":"38.2\/31\/2\/38.2-3119","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/38.2-3118\/","history_text":"<p>The record of this law\u2019s original creation isn\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1952, chapter 317; in 1986, chapter 562.<\/p>","references":[{"id":66383,"section_number":"38.2-3119","catch_line":"Limitation on \u00a7 38.2-3118","order_by":null,"url":"\/38.2-3119\/"},{"id":56979,"section_number":"38.2-3121","catch_line":"Segregation of proceeds not required","order_by":null,"url":"\/38.2-3121\/"}],"refers_to":false,"permalink":{"id":214463,"object_type":"law","relational_id":84737,"identifier":"38.2-3118","token":"38.2\/31\/2\/38.2-3118","url":"\/38.2-3118\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/38.2-3118\/","token":"38.2\/31\/2\/38.2-3118","dublin_core":{"Title":"Spendthrift trusts created under life insurance policies","Type":"Text","Format":"text\/html","Identifier":"\u00a7 38.2-3118","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t<section><p>If, under the terms of any life <span class=\"dictionary\">insurance<\/span> policy or of any written agreement supplemental to a life <span class=\"dictionary\">insurance<\/span> policy, the proceeds are retained by the <span class=\"dictionary\">insurer<\/span> at maturity or otherwise, no <span class=\"dictionary\">person<\/span> entitled to any part of the proceeds, or to any installment of interest due or becoming due, may commute, anticipate, encumber, alienate or assign the proceeds or any part of the proceeds or interest if permission is expressly withheld by the terms of the policy or supplemental agreement. If the life <span class=\"dictionary\">insurance<\/span> policy or supplemental agreement provides, no payments of interest or principal shall be in any way subject to the <span class=\"dictionary\">person<\/span>&#8217;s debts, <span class=\"dictionary\">contracts<\/span> or engagements, nor to any judicial process to <span class=\"dictionary\">levy<\/span> upon or attach the interest or principal for payment of those debts, <span class=\"dictionary\">contracts<\/span>, or engagements.<\/p><\/section>","plain_text":"                                 CODE OF VIRGINIA\n\nSPENDTHRIFT TRUSTS CREATED UNDER LIFE INSURANCE POLICIES (\u00a7 38.2-3118)\n\nIf, under the terms of any life insurance policy or of any written agreement\nsupplemental to a life insurance policy, the proceeds are retained by the\ninsurer at maturity or otherwise, no person entitled to any part of the\nproceeds, or to any installment of interest due or becoming due, may commute,\nanticipate, encumber, alienate or assign the proceeds or any part of the\nproceeds or interest if permission is expressly withheld by the terms of the\npolicy or supplemental agreement. If the life insurance policy or supplemental\nagreement provides, no payments of interest or principal shall be in any way\nsubject to the person&#8217;s debts, contracts or engagements, nor to any\njudicial process to levy upon or attach the interest or principal for payment of\nthose debts, contracts, or engagements.\n\nHISTORY: Code 1950, \u00a7 38-115; 1952, c. 317, \u00a7 38.1-444; 1986, c. 562.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}