Open main menu

Page:United States Statutes at Large Volume 61 Part 1.djvu/735

This page needs to be proofread.


61 STAT.] 80TH CONG. , 1ST SESS.-CHS. 426 -428 -AUG. 1 , 1947 button, shall be fined not more than $1,000 or imprisoned not more than two years, or both. SEC. 5 . Such sums are hereby authorized to be appropriated as may Appropriations au- be necessary to carry out the purposes of this Act. thorized. Approved August 1, 1947. [CHAPTER 427] AN ACT To amend section 16 of chapter V of the Act of June 19, 1934, entitled "An Act to regulate the business of life insurance in the District of Columbia." Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 16 of Chapter V of the Act of June 19, 1934, entitled "An Act to regulate the business of life insurance in the District of Columbia", be amended to read as follows: "SEC. 16. RIGHTS OF CREDITORS AND BENEFICIARIES UNDER POLICIES OF LIFE INSURANCE. - When a policy of insurance, whether heretofore or hereafter issued, is effected by any person on his own life or on another life in favor of some person other than himself having an insurable interest therein, or, except in cases of transfer with intent to defraud creditors, if a policy of life insurance is assigned or in any way made payable to any such person, the lawful beneficiary or assignee thereof, other than the insured or the person so effecting such insurance or executors or administrators of such insured or the person so effecting such insurance, shall be entitled to its proceeds and avails against the creditors and representatives of the insured and of the person effecting such insurance whether or not the right to change the beneficiary is reserved or permitted and whether or not the policy is made payable to the person whose life is insured, if the beneficiary or assignee shall predecease such person: Provided,That subject to the statute of limitations the amount of any premiums for said insurance paid with intent to defraud creditors, with interest thereon, shall inure to their benefit from the proceeds of the policy, but the company issuing the policy shall be discharged of all liability thereon by pay- ment of its proceeds in accordance with its terms, unless before such payment the company shall have written notice by or in behalf of a creditor of a claim to recover for transfer nmatle or premliuns paid with intent to defraud creditors with specifications of the amount claimed." Approved August 1, 1947. [CHAPTER 428] AN ACT To amend section 7 of the Act entitled "An Act making appropriations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June 30, 1903, and for other purposes", approved July 1, 1902, as amended. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 7 of the Act entitled "An Act making appropriations to provide for the expenses of the government of the District of Columbia for the fiscal year ending June 30, 1903, and for other purposes", approved July 1, 1902, as amended, is hereby amended by adding paragraph 44A. "PAR. 44A. (a) On and after ninety days from the enactment of this paragraph, no person shall, in the District of Columbia, discharge any of the duties, of an undertaker, unless there has been issued to him by the Commissioners of the District of Columbia a license therefor August 1, 1947 [Hl. R . 1633] [Public Law 307] Life insurance, D.C . 48 Stat. 1175 . D. C. Code § 35-716. Premiums paid with intent to defraud creditors. August 1, 1947 [H. R . 2173] [Public Law 308] District of Colum- bia. Undertakers. 32 Stat. 628. D.C.Code§47- 2343. Issuance of license. 711