461.023. Assignments effective on death of owner--delivery, effect.
Assignments effective on death of owner--delivery, effect.
461.023. 1. A written assignment of a contract right that assignsthe right to receive any performance remaining due under the contract to anassignee designated by the owner, that expressly states that the assignmentis not to take effect until the death of the owner, transfers the right toreceive performance due under the contract to the designated assigneebeneficiary, effective on death of the owner, if the assignment is executedand delivered in proper form to the contract obligor prior to the death ofthe owner or is executed in proper form and acknowledged before a notarypublic or other person authorized to administer oaths. A beneficiaryassignment need not be supported by consideration or be delivered to theassignee beneficiary.
2. This section does not preclude other methods of assignment thatare permitted by law and that have the effect of postponing enjoyment of acontract right until the death of the owner.
(L. 1989 H.B. 145 § 24, A.L. 1995 S.B. 116)