36                                         LAWS OF MARYLAND                                   Ch. 7

CHAPTER 7
(Senate Bill 322)

AN ACT to repeal and re-enact, with amendments, Section 385 of Article 48A of
the Annotated Code of Maryland (1972 Replacement Volume), title "Insurance
Code," subtitle "Insurance Contracts Generally," to provide that the section
exempting insurance proceeds from creditors' claims shall apply equally to
proceeds of policies made or assigned for the benefit of either spouse.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 385 of Article 48A of the Annotated Code of
Maryland (1972 Replacement Volume), title "Insurance Code," subtitle "Insurance
Contracts Generally," be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

385.

The proceeds, including death benefits, cash surrender and loan values,
premiums waived, and dividends, whether used in reduction of the premiums or in
whatsoever manner used or applied, excepting only where the debtor has,
subsequent to the issuance of the policy, actually elected to receive dividends in
cash, of any policy of life insurance or under any annuity contract upon the life of
any person heretofore or hereafter made for the benefit of or assigned to the [wife]
SPOUSE or children or dependent relative of such person, shall be exempt from
all claims of the creditors of such person arising out of or based upon any
obligation created after June 1, 1945, whether or not the right to change the named
beneficiary is reserved or permitted to such person. The provisions of this section
shall not prohibit any creditor from collecting the amount of any debt out of the
proceeds of any life insurance policy pledged by the insured as security for such
debt.

A change of beneficiary or assignment or other transfer shall be valid except in
cases of transfer with actual intent to hinder, delay, or defraud creditors.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 10, 1973.

CHAPTER 8
(Senate Bill 345)

AN ACT to repeal and re-enact, with amendments, Section 351(d) of Article 43 of
the Annotated Code of Maryland, (1971 Replacement Volume) title "Health,"
subtitle "Funeral Directors and Embalmers," to provide that the right of
continuation of a funeral director's or embalmer's business granted to members
of the immediate family of a person who served in World War II shall apply
equally to both sexes.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 351(d) of Article 43 of the Annotated Code of
Maryland, (1971 Replacement Volume) title "Health," subtitle "Funeral Directors
and Embalmers," be and it is hereby repealed and re-enacted, with amendments, to
read as follows: