Tex. Ins. Code § 1131.456 · Subchapter J. GROUP LIFE INSURANCE POLICIES ISSUED TO CREDITORS: ADDITIONAL REQUIREMENTS
PAYMENT OF PROCEEDS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) The proceeds of the insurance must be payable to the policyholder.
(b) Payment to the policyholder reduces or extinguishes the debtor's unpaid indebtedness to the extent of the payment. In the case of a debtor under a loan or loan commitment described by Section 1131.455(b), any insurance proceeds in excess of the indebtedness to the creditor are payable:
(1) to the debtor's estate; or
(2) under a facility of payment clause.
Notes and commentary — not statutory text
History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/IN/htm/IN.1131.htm
- Text hash
- sha256 592ec1f012e0b18462ea7581363a6e92c6c442fe27a3b61689c0ae5de9faae36
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
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Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.