New Jersey Statutes 3B:31-35. Rights of beneficiary’s creditor or assignee
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Terms Used In New Jersey Statutes 3B:31-35
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- 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
3B:31-35. Rights of Beneficiary‘s Creditor or Assignee.
Except as otherwise provided by law, to the extent a beneficiary’s interest is not protected by a spendthrift provision, a creditor or assignee of the beneficiary may reach the beneficiary’s interest by attachment of present or future distributions to or for the benefit of the beneficiary, subject to N.J.S. 2A:17-50 through N.J.S. 2A:17-56 and sections 3 and 4 of P.L.1981, c.203 (C. 2A:17-56.1a and C. 2A:17-56.6) or other applicable law. The court may limit the award to such relief as is appropriate under the circumstances.
L.2015, c.276, s.1.