Married Women’s Policies of Assurance (Scotland) Act 1880
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Change 1
2 Policy of assurance may be effected in trust for wife and children.
A policy of assurance effected by a man or woman on his or her own life, and expressed upon the face of it to be for the benefit of his or her spouse or children, or his or her spouse and children, or any of them, shall together with all benefit thereof, be deemed a trust for their benefit;; and such policy, immediately on its being so effected, shall vest in him or her and his or her legal representatives in trust for the purpose or purposes so expressed, or in any trustee nominated in the policy, or appointed by separate writing duly intimated to the assurance office, but in trust always as aforesaid, and shall not otherwise be subject to his or her control, or form part of his or her estate, or be liable to the diligence of his or her creditors, or be revocable as a donation, or reducible on any ground of excess or insolvency: And the receipt of such trustee for the sums secured by the policy, or for the value thereof, in whole or in part, shall be a sufficient and effectual discharge to the assurance office: Provided always, that if it shall be proved that the policy was effected and premiums thereon paid with intent to defraud creditors, or if the person upon whose life the policy is effected shall be made bankrupt within two years from the date of such policy, it shall be competent to the creditors to claim repayment of the premiums so paid from the trustee of the policy out of the proceeds thereof. In this section— “ spouse ” includes a person, named in the policy as a beneficiary, who becomes the spouse of the person effecting the policy; and “ children ” includes children that the person effecting the policy has or may have, including his or her ... adopted children, but does not include children of his or her spouse and another person, unless they have been adopted by the person effecting the policy.
2 Policy of assurance may be effected in trust for wife and children.
A policy of assurance effected by a man or woman on his or her own life, and expressed upon the face of it to be for the benefit of his or her spouse or children, or his or her spouse and children, or any of them, shall together with all benefit thereof, be deemed a trust for their benefit;; and such policy, immediately on its being so effected, shall vest in him or her and his or her legal representatives in trust for the purpose or purposes so expressed, or in any trustee nominated in the policy, or appointed by separate writing duly intimated to the assurance office, but in trust always as aforesaid, and shall not otherwise be subject to his or her control, or form part of his or her estate, or be liable to the diligence of his or her creditors, or be revocable as a donation, or reducible on any ground of excess or insolvency: And the receipt of such trustee for the sums secured by the policy, or for the value thereof, in whole or in part, shall be a sufficient and effectual discharge to the assurance office: Provided always, that if it shall be proved that the policy was effected and premiums thereon paid with intent to defraud creditors, or if the person upon whose life the policy is effected shall be made bankrupt within two years from the date of such policy, it shall be competent to the creditors to claim repayment of the premiums so paid from the trustee of the policy out of the proceeds thereof. In this section— “ spouse ” includes a person, named in the policy as a beneficiary, who becomes the spouse of the person effecting the policy; and “ children ” includes children that the person effecting the policy has or may have, including his or her ... adopted children, but does not include children of his or her spouse and another person, unless they have been adopted by the person effecting the policy.
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