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| REPUBLIC ACT NO. 360 - AN
ACT EXEMPTING FROM ASSIGNMENT, TAXATION, CLAIMS OF CREDITORS,
ATTACHMENT, LEVY OR SEIZURE, BENEFITS DERIVED BY BENEFICIARIES RESIDING
IN THE PHILIPPINES UNDER LAWS OF THE UNITED STATES ADMINISTERED BY THE
UNITED STATES VETERANS ADMINISTRATION |
| Section 1.
Payments of benefits due or become due to any person residing in the
Philippines under the laws of the United States administered by the
United States Veterans Administration shall not be assignable, and such
payments made to, or on account of, a beneficiary under any laws of the
United States administered by the United States Veterans Administration
relating to veterans residing in the Philippines shall be exempt from
taxation as well as from claims of creditors, and shall not be liable
to attachment, levy, or seizure by or under any legal or equitable
process whatsoever, either before or after receipt by the beneficiary.
Such provisions shall not attach to claims of the United States arising
under such laws nor shall the exemption herein contained as to taxation
extend to any property purchased in part or wholly out of such
payments: Provided, That if the benefits be insurance payable by reason
of yearly renewable term or of United States Government or National
Service Life (converted) Insurance issued by the United States, the
exemption herein provided shall be inapplicable to indebtedness
existing against the particular insurance contract upon the maturity of
which the claim is based, whether such indebtedness be in the form of
liens to secure unpaid premiums, of loans, or interest on such premiums
or loans, or indebtedness arising from overpayments of dividends,
refunds, loans, or other insurance benefits. Section 2. This Act shall take effect upon its approval. Approved: June 9, 1949 |
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