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Annuities granted under this Act not assignable, except in case of Bankruptey or Insolvency.
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XXV. The Right, Title, Interest, and Benefit in and to any Annuity, of whatsoever Kind, which has been purchased under any Act now in force for the Grant of Annuities through Savings Banks or Parochial Societies, or which may be purchased under the Provisions of this Act, shall not be assignable by the original Proprietor thereof so as to enable the Assignee to receive the same during the Lifetime of the said Proprietor; except in case of the Insolvency or Bankruptcy of an individual Proprietor, when the same shall become the Property of his or her Assignee or Assignees, for the Benefit of his or her Creditors; and in case of any such Bankruptcy or Insolvency the said Commissioners for the Reduction of the National Debt shall re-purchase the said Annuity according to the Value thereof, the same being computed upon the same Tables upon which the said Annuity was originally purchased; and the Receipt of the Assignee or Assignees shall be a sufficient Discharge to the said Commissioners, who shall forthwith cancel the said Annuity.
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