by microflyer38 » Tue Jul 10, 2012 05:47 pm
A friend of mine was served papers today and foolishly settled the lawsuit the very same day. Now she realizes she can't pay the settlement and is afraid her life insurance policy will be in danger.
I informed her that under New York's Insurance Law Section 3212(b)(1), I don't think the other party can lay hands on her policy. She claims her lawyer says otherwise, but won't elaborate because she's still very emotional at this point.
Without necessarily providing legal advice, what information can I look for to ease her worries?
I informed her that under New York's Insurance Law Section 3212(b)(1), I don't think the other party can lay hands on her policy. She claims her lawyer says otherwise, but won't elaborate because she's still very emotional at this point.
Without necessarily providing legal advice, what information can I look for to ease her worries?
Posted: Sat Jul 14, 2012 08:45 am Post Subject:
Max, I guess that you are a better mind reader than me and know exactly what the OP's friend means.
Posted: Sun Jul 15, 2012 02:53 pm Post Subject:
Wow, in summation. NYS Law would not allow life insurance cash values to be raided as to satisfy the judgement. Being the only person here (I believe) to have once been a resident producer there, this is a topic upon which I'm very well versed.
The idea that the judgment is still due is true. But if the money doesn't exist, it doesn't get paid. And as far as the cash values in a life policy are concerned, the money doesn't exist.
That's all we can say given the limited amount of information we have. No need to read into more information than was made available.
One of two things needs to happen:
1. We need more detials
2. Friend needs to find a new attorney
Posted: Tue Jul 17, 2012 06:47 am Post Subject:
NYS Law would not allow life insurance cash values to be raided as to satisfy the judgement
As I tried to tell our anonymous, argumentative friend.
Posted: Tue Jul 17, 2012 05:13 pm Post Subject:
Your anonymous, argumentative friend has not disagreed with that statement.
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