Section 461.023

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 461

Effective - 28 Aug 1995   

  461.023.  Assignments effective on death of owner — delivery, effect. — 1.  A written assignment of a contract right that assigns the right to receive any performance remaining due under the contract to an assignee designated by the owner, that expressly states that the assignment is not to take effect until the death of the owner, transfers the right to receive performance due under the contract to the designated assignee beneficiary, effective on death of the owner, if the assignment is executed and delivered in proper form to the contract obligor prior to the death of the owner or is executed in proper form and acknowledged before a notary public or other person authorized to administer oaths.  A beneficiary assignment need not be supported by consideration or be delivered to the assignee beneficiary.

  2.  This section does not preclude other methods of assignment that are permitted by law and that have the effect of postponing enjoyment of a contract right until the death of the owner.

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(L. 1989 H.B. 145 § 24, A.L. 1995 S.B. 116)