72-16-304. Insurance proceeds part of estate -- exemption. All insurance payable upon the death of any person over and above $250,000 is considered a part of the property and estate passing to the person or persons entitled to receive it and, if payable to more than one person, the $250,000 exemption must be prorated between those persons in proportion to the amount of insurance payable to each.

     History: En. Sec. 1, Ch. 65, L. 1923; amd. Sec. 1, Ch. 150, L. 1925; amd. Sec. 1, Ch. 105, L. 1927; amd. Sec. 1, Ch. 186, L. 1935; re-en. Sec. 10400.1, R.C.M. 1935; R.C.M. 1947, 91-4406; amd. Sec. 1, Ch. 253, L. 1997.