THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
***** 500.2206 THIS SECTION IS REPEALED BY ACT 140 OF 2014 EFFECTIVE 91 DAYS AFTER ADJOURNMENT OF THE 2014 REGULAR SESSION SINE DIE *****
500.2206 Minor's capacity to receive insurance benefits; limitations.
Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent to receive, and to give a full acquittance and discharge for, a single payment in an amount not exceeding $2,000.00, or periodical payments in an amount not exceeding $2,000.00 in any one year, made by a life insurance company or fraternal benefit society as benefits payable upon the death of the insured or maturity of an endowment benefit in compliance with the provisions of a life insurance contract or settlement agreement, if the contract or agreement specifically provides for payments direct to the minor; but no minor shall be deemed competent to alienate the right to the payments or to anticipate the same.
History: Add. 1957, Act 91, Eff. Sept. 27, 1957
Am. 1964, Act 118, Eff. Aug. 28, 1964
Popular Name: Act 218
© 2009 Legislative Council, State of Michigan