Married Women's Policies of Assurance (Scotland) (Amendment) Act 1980
| Year | 1980 |
Married Women's Policies of Assurance (Scotland) (Amendment) Act 1980
1980 CHAPTER 56
An Act to amend the Married Women's Policies of Assurance (Scotland) Act 1880, and for connected purposes.
[29th October 1980]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Extension of s. 2 of 1880 Act to policies effected by married women or unmarried persons.
1. Subject to the provisions of this Act, section 2 of the 1880 Act (which provides that a policy of assurance effected by any married man on his own life, and expressed upon the face of it to be for the benefit of his wife, or children, or both, shall be deemed a trust for their benefit) shall have effect as if—
‘In this section—
‘spouse’ includes a person, named in the policy as a beneficiary, who becomes the spouse of the person effecting the policy; and
‘children’ includes children that the person effecting the policy has or may have, including his or her illegitimate or adopted children, but does not include children of his or her spouse and another person, unless they have been adopted by the person effecting the policy.’.
2 Powers of trustee under policy.
(1) It is hereby declared that where a policy of assurance vests in trust by virtue of section 2 of the 1880 Act—
(a ) that trust constitutes a trust within the meaning of the Trusts (Scotland) Act 1921 , and
(b ) any person in whom such a policy vests is a trustee within the meaning of that Act.
(2) In addition to his other powers any such trustee may, where such acts are not at variance with the terms or purposes of the trust—
(a ) exercise any option under the policy, or under any deed of trust or other document constituting a trust in relation to the policy;
(b )...
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