58-12-10. Benefits, rights, privileges, or options nontransferable under annuity contract--Not subject to commutation--Exemption from execution. If an annuity contract so provides, the benefits, rights, privileges, or options accruing under such contract to a beneficiary or assignee shall not be transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained in §§ 58-12-6 to 58-12-9, inclusive, for the annuitant, shall apply with respect to such beneficiary or assignee.
Source: SL 1966, ch 111, ch 22, § 32 (2).
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