Exemptions and Homestead Exemptions

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Statutes

"Property of the debtor and debtor's dependentsthat is exempt from levy and sale under any execution is listed under MCL § 600.6023; and includes a homestead of not more than 40 acres and the house and appurtenances.

Any authorized life insurer shall have power to hold the proceeds of any life or endowment insurance or annuity contract issued by it with such exemptions from legal process and the claims of creditors of beneficiaries other than the insured.

Any life or endowment insurance or annuity contract may establish that the proceeds or payments are not subject to the claims of creditors of any beneficiary other than the insured or any legal process against any beneficiary other than the insured. MCL § 500.4054.

Cases

Comments

None.

Contributors

Jay L. Welford, Esq., Todd M. Gers, Esq.
Taft

The statutory information was edited and reviewed with the support of MultiState

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