Sec. 10. (a) A written assignment of a contract right that:
(1) assigns the right to receive any performance remaining due under the contract to an assignee designated by the owner; and
(2) expressly states that the assignment does not take effect until the death of the owner;
transfers the right to receive performance due under the contract to the designated assignee beneficiary if the assignment satisfies the requirements of subsection (b).
(b) A written assignment described in subsection (a) is effective upon the death of the owner if the assignment is:
(1) executed; and
(2) delivered;
to the contract obligor before the death of the owner.
(c) A beneficiary assignment described in this section is not required to be supported by consideration or delivered to the assignee beneficiary.
(d) This section does not preclude other methods of assignment that are permitted by law and have the effect of postponing the enjoyment of the contract right until after the death of the owner.
As added by P.L.143-2009, SEC.41. Amended by P.L.6-2010, SEC.29.
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