COMMITTEE SUBSTITUTE
for
H. B. 4506
(By Delegates Andes, Miley, Moore, M. Poling,
Lawrence, Mahan, Hamilton, Lane, Hunt,
Perry and Boggs)
(Originating in the
Committee on the Judiciary.)
[February 26, 2010]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §48-5-614, relating
to the revocation of death benefits by divorce.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §48-5-614, to read as
follows:
ARTICLE 5. DIVORCE.
§48-5-614. Revocation of death benefits by divorce.
(a) Upon the entry of the final divorce order, any revocable
beneficiary designation contained in a then existing written
contract owned by one party that provides for the payment of any
death benefit to the other party is revoked. A death benefit
prevented from passing to a former spouse by this section shall be
paid as if the former spouse had predeceased the decedent. The
payor of any death benefit shall be discharged from all liability upon payment in accordance with the terms of the contract providing
for the death benefit, unless the payor receives written notice of
a revocation under this section prior to payment.
(b) The term "death benefit", as used in this section,
includes any payment under a life insurance contract, annuity,
retirement arrangement, compensation agreement or other contract
designating a beneficiary of any right, property or money in the
form of a death benefit.
(c) This section does not apply:
(1) To the extent an order of divorce or a written agreement
of the parties provides for a contrary result as to specific death
benefits; or
(2) To any trust or any death benefit payable to or under any
trust.