CHAPTER 31

An Act to amend and reenact § 88.1-436 of the Code of Virginia, relating
to contracts of life insurance with minors. rH 127]

Approved February 17, 1960

Be it enacted by the General Assembly of Virginia:

1. That § 38.1-436 of the Code of Virginia be amended and reenacted
as follows:

§ 38.1-486. A minor not less than * fifteen years of age shall be
competent to contract for life insurance upon his own life for his own
benefit or for the benefit of any one or more of the ascending or descend-
ing kindred, spouse, brothers or sisters of such minor, and may exercise
and enjoy every right, privilege and benefit provided by any life insurance
contract on his own life, subject to the foregoing limitations as to desig-
nation of beneficiary, and shall not be permitted to recover any premiums
paid thereon; provided, however, that if such minor shall reside with one
or both of his parents, the application for the contract shall be approved
in writing by one of his parents. No promissory note or other evidence
of debt given by a minor in payment of any first year premium on such
contract shall be validated by this section.

Any such minor shall be competent to give a valid discharge for any
benefit accruing or money payable under the contract, and to create liens
thereon in favor of the company issuing the contract for money borrowed
or for unpaid premiums and interest thereon; provided, however, that any
beneficiary or beneficiaries named in the contract who are then of the age
of at least * fifteen years shall unite in such discharge or in the instru-
ment creating the lien.