Labuan Financial Services and Securities Act 2010 s 123
Labuan Financial Services and Securities Act 2010 s 123
s 123 Assigned or pledged policy monies
(1) Notwithstanding a nomination under section 118 or the creation of a trust under subsection 121(1), where the policy monies, wholly or partly, have been pledged as security or assigned to a person, the claim of the person entitled under the security or the assignee shall have priority over the claim of the nominee and, subject to the rights under the security or the assignment being preserved, the Labuan insurer shall pay the balance of the policy monies to the nominee.
(2) Where more than one person is entitled under the security or the assignment, the respective rights of the persons entitled under the security or the assignment shall be in the order of priority according to the priority of the date on which the security or the assignment was created, both security and assignment being treated as one class for this purpose.
Malay text (authoritative)
Wang polisi yang diserahhakkan atau disandarkan
(1) Walaupun terdapat penamaan di bawah seksyen 118 atau pewujudan suatu amanah di bawah subseksyen 121(1), jika wang polisi itu, keseluruhannya atau sebahagiannya, telah disandarkan sebagai cagaran atau diserahhakkan kepada seseorang, tuntutan orang yang berhak di bawah cagaran itu atau penerima serah hak itu hendaklah diberi keutamaan mengatasi tuntutan penama itu dan, tertakluk kepada pemeliharaan hak di bawah cagaran atau serah hak itu, penanggung insurans Labuan hendaklah membayar baki wang polisi kepada penama itu.
(2) Jika terdapat lebih daripada seorang yang berhak di bawah cagaran atau serah hak itu, hak orang yang berhak di bawah cagaran atau serah hak itu masing-masing hendaklah mengikut
susunan keutamaan yang menurut keutamaan tarikh cagaran atau serah hak itu diwujudkan, dengan kedua-dua cagaran dan serah hak itu dikira sebagai satu kelas bagi maksud ini.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
