Vermont § 3709 - Annuity contracts—Assignability of rights

§ 3709. Annuity contracts—Assignability of rights

• (a) The benefits, rights, privileges, and options that under any annuity contract heretofore
  or hereafter issued are due or prospectively due the annuitant, shall not be subject
  to execution nor shall the annuitant be compelled to exercise any such rights, powers,
  or options, nor shall creditors be allowed to interfere with or terminate the contract,
  except: (1) As to considerations paid for any such annuity with intent to defraud creditors, with
  interest thereon, and of which the creditor has given the insurer written notice at
  its home office prior to the making of the payments to the annuitant out of which
  the creditor seeks to recover. Any such notice shall specify the amount claimed or
  such facts as will enable the insurer to ascertain such amount and shall set forth
  such facts as will enable the insurer to ascertain the annuity contract, the annuitant
  and the payments sought to be avoided on the ground of fraud. (2) The total exemption of benefits presently due and payable to any annuitant periodically
  or at stated times under all annuity contracts under which he or she is an annuitant,
  shall not at any time exceed $350.00 per month for the length of time represented
  by such installments, and that such periodic payments in excess of $350.00 per month
  shall be subject to garnishee execution. (3) If the total benefits presently due and payable to any annuitant under all annuity
  contracts under which he or she is an annuitant, shall at any time exceed payment
  at the rate of $350.00 per month, then the court may order such annuitant to pay to
  a judgment creditor or apply on the judgment, in installments, such portion of such
  excess benefits as to the court may appear just and proper, after due regard for the
  reasonable requirements of the judgment debtor and his or her family if dependent
  upon him or her, as well as any payments required to be made by the annuitant to other
  creditors under prior court orders. (b) If the 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 herein for the annuitant, shall apply with
  respect to such beneficiary or assignee. (Added 1967, No. 344 (Adj. Sess.), § 1 (ch. 2, subch. 1, § 9).)