Louisiana Revised Statutes 9:2004 – Seizure by creditor; general rule
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Terms Used In Louisiana Revised Statutes 9:2004
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
A creditor may seize only:
(1) An interest in income or principal that is subject to voluntary alienation by a beneficiary.
(2) A beneficiary’s interest in income and principal, to the extent that the beneficiary has donated property to the trust, directly or indirectly. A beneficiary will not be deemed to have donated property to a trust merely because he fails to exercise a right of withdrawal from the trust.
Acts 1985, No. 581, §1; Acts 1987, No. 246, §1, eff. July 3, 1987; Acts 1997, No. 253, §1; Acts 2010, No. 390, §1.