Married Women’s Policies of Assurance (Scotland) (Amendment) Act 1980
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Change 1
3 Power of beneficiary to assign or renounce interest under policy.
(1) A beneficiary under the terms of a policy of assurance to which section 2 of the 1880 Act applies (whether the policy is dated before or after the commencement of this Act), being of full age and not suffering from any legal disability, may, subject to those terms— (a) assign his or her interest under the policy whether in security or otherwise; or (b) renounce that interest. (2) Subsection (1) above has effect whether or not the effect of so assigning or, as the case may be, renouncing the interest, is to make the policy or any of the benefits under the policy— (a) subject to the control of the person effecting the policy; or (b) part of that person’s estate; or (c) liable to the diligence of that person’s creditors. (3) In this section the expression “interest” in relation to a policy of assurance, includes any interest, direct or indirect, vested or contingent, under the policy.
3 Power of beneficiary to assign or renounce interest under policy.
(1) A beneficiary under the terms of a policy of assurance to which section 2 of the 1880 Act applies (whether the policy is dated before or after the commencement of this Act), being of full age and not suffering from any legal disability, may, subject to those terms— (a) assign his or her interest under the policy whether in security or otherwise; or (b) renounce that interest. (2) Subsection (1) above has effect whether or not the effect of so assigning or, as the case may be, renouncing the interest, is to make the policy or any of the benefits under the policy— (a) subject to the control of the person effecting the policy; or (b) part of that person’s estate; or (c) liable to the diligence of that person’s creditors. (3) In this section the expression “interest” in relation to a policy of assurance, includes any interest, direct or indirect, vested or contingent, under the policy.
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