(a)  Any person in possession of, or obligated with respect to, personal property who upon demand by the department surrenders the property or discharges the obligation to the department, or who pays a liability under this section, shall be discharged from any obligation or liability to the obligor arising from the surrender or payment.

Terms Used In Rhode Island General Laws 15-21-6

  • 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
  • Contract: A legal written agreement that becomes binding when signed.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Personal property: All property that is not real property.
  • property: as used in this chapter shall also include insurance and workers' compensation payments. See Rhode Island General Laws 15-21-2

(b)  In the case of a levy on an organization with respect to a life insurance or endowment contract, which is satisfied pursuant to this section, the organization shall also be discharged from any obligation or liability to any beneficiary arising from the surrender of payment.

[See §?12-1-15 of the General Laws.]

History of Section.
P.L. 1995, ch. 370, art. 29, 6; § P.L. 1995, ch. 374, § 6.