Texas Business Organizations Code 22.408 – Assignment of Benefits
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Terms Used In Texas Business Organizations Code 22.408
- 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
- written: means an expression of words, letters, characters, numbers, symbols, figures, or other textual information that is inscribed on a tangible medium or that is stored in an electronic or other medium that is retrievable in a perceivable form. See Texas Business Organizations Code 1.002
An assignment or transfer or an attempt to make an assignment or transfer by a beneficiary of money, benefits, or other rights under a plan or program under this subchapter is void if:
(1) the plan or program contains a provision prohibiting the assignment or other transfer without the written consent of the church benefits board; and
(2) the beneficiary assigns or transfers or attempts to make an assignment or transfer without that consent.