§ 1907. Payment or use of dividends

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1958

   Pub. L. 85–857 · 72 Stat. 1105

   Enacted · 38 U.S.C. § 1907

   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1149, § 707

   Source evidence

   Code source credit
   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1149, § 707

2. 1970

   Pub. L. 91–291 § 9 · 84 Stat. 326

   1. Amended · 38 U.S.C. § 1907

      Pub. L. 91–291 designated existing provisions as subsec. (a)

   2. Added · 38 U.S.C. § 1907

      Pub. L. 91–291 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 91–291 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   Sec. 9. Section 707 of title 38, United States Code, is amended by Dividends. Request for cash payment. 72 Stat. 1149. inserting “(a)” before the word “Until” and adding a new subsection (b) as follows: “(b) No claim by an insured for payment in cash of a special dividend declared prior to January 1, 1952, shall be processed by the Veterans’ Administration unless such claim was received within six years after such dividend was declared. Whenever any claim for payment of a special dividend, the processing of which is barred by this subsection, is received in the Veterans’ Administration, it shall be returned to the claimant, with a copy of this subsection, and such action shall be a complete response without further communication.”

3. 1971

   Pub. L. 92–188 § 2(3) · 85 Stat. 645

   Substituted · 38 U.S.C. § 1907

   Pub. L. 92–188, § 2(3), substituted “Payment or use of dividends” for “Dividends to pay premiums” as section catchline

   Source evidence

   Code amendment note
   Pub. L. 92–188, § 2(3), substituted “Payment or use of dividends” for “Dividends to pay premiums” as section catchline.

   Enacted provision · exact public law section
   (3) by amending the side heading to read as follows: “§ 707. Payment or use of dividends”.

   Effective date note
   Pub. L. 92–188, § 4, Dec. 15, 1971, 85 Stat. 645, provided that: “The amendments made by this Act [amending this section and sections 703 and 741 [now 1903 and 1941] of this title] shall take effect on a date established by the Administrator but in no event later than the first day of the first calendar month which begins more than six calendar months after the date of enactment of this Act [Dec. 15, 1971].”

4. 1971

   Pub. L. 92–188 § 2(1) · 85 Stat. 645

   Substituted · 38 U.S.C. § 1907(a)

   Pub. L. 92–188, § 2(1), substituted “or directive in writing exercising any other dividend option allowable under his policy” for “in writing for payment in cash”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 92–188, § 2(1), substituted “or directive in writing exercising any other dividend option allowable under his policy” for “in writing for payment in cash”.

   Enacted provision · exact public law section
   (1) by striking out “in writing for payment in cash,” in subsection (a) and inserting in lieu thereof “or directive in writing exercising any other dividend option allowable under his policy,,”;

   Effective date note
   Pub. L. 92–188, § 4, Dec. 15, 1971, 85 Stat. 645, provided that: “The amendments made by this Act [amending this section and sections 703 and 741 [now 1903 and 1941] of this title] shall take effect on a date established by the Administrator but in no event later than the first day of the first calendar month which begins more than six calendar months after the date of enactment of this Act [Dec. 15, 1971].”

5. 1971

   Pub. L. 92–188 § 2(2) · 85 Stat. 645

   Added · 38 U.S.C. § 1907(c)

   Pub. L. 92–188, § 2(2), added subsec. (c)

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 92–188, § 2(2), added subsec. (c).

   Enacted provision · exact public law section
   (2) by adding at the end thereof the following new subsection: “(c) The Administrator, upon application in writing made by the insured for insurance under this subsection, and without proof of good health, is authorized to apply any dividend due and payable on national service life insurance after the date of such application to purchase paid up insurance. Also, the Administrator, upon application in writing made by the insured within six calendar months after the effective date of this subsection, and without proof of good health, is authorized to apply any national service life insurance dividend credits and deposits of such insured existing at the date of his application to purchase paid up insurance. Any dividends, dividend credits, or deposits on endowment policies may lie used under this subsection only to purchase additional paid up endowment insurance which matures concurrently with the basic policy. Any dividends, dividend credits, or deposits on policies (other than endowment policies) may be used under this section only to purchase additional paid up whole life insurance. The paid up insurance Terms and conditions. granted under this subsection shall be in addition to any insurance otherwise authorized under this title, or under prior provisions of law. The paid up insurance granted under this subsection shall be issued on the same terms and conditions as are contained in the standard policies of national service life insurance except (1) the premium rates for such insurance and all cash and loan values thereon shall be based on such table of mortality and rate of interest per annum as may be prescribed by the Administrator; (2) the total disability income provision authorized under section 715 of this title may not be added to insurance issued under this section; 78 Stat. 272. and (3) the insurance shall include such other changes in terms and conditions as the Administrator determines to be reasonable and practicable.”; and

   Effective date note
   Pub. L. 92–188, § 4, Dec. 15, 1971, 85 Stat. 645, provided that: “The amendments made by this Act [amending this section and sections 703 and 741 [now 1903 and 1941] of this title] shall take effect on a date established by the Administrator but in no event later than the first day of the first calendar month which begins more than six calendar months after the date of enactment of this Act [Dec. 15, 1971].”

6. 1982

   Pub. L. 97–295 § 4(22) · 96 Stat. 1287

   Substituted · 38 U.S.C. § 1907(c)

   Pub. L. 97–295 substituted “before February 1, 1973” for “within six calendar months after the effective date of this subsection”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 97–295 substituted “before February 1, 1973” for “within six calendar months after the effective date of this subsection”.

   Enacted provision · exact public law section
   (22) Section 707(c) is amended by striking out “within six calendar months after the effective date of this subsection” and substituting “before February 1, 1973”.

7. 1986

   Pub. L. 99–576 title VII § 701(23) · 100 Stat. 3248

   Substituted · 38 U.S.C. § 1907(a); 38 U.S.C. § 1907(c)

   Pub. L. 99–576 substituted “the insured’s” for “his”

   Source evidence

   Code amendment note
   Subsecs. (a), (c). Pub. L. 99–576 substituted “the insured’s” for “his”.

   Enacted provision · exact public law section
   (23) Section 707 is amended by striking out “his” in subsections (a) and (c) and inserting in lieu thereof “the insured’s”.

8. 1991

   Pub. L. 102–83 § 5(a) · 105 Stat. 378

   Changed · 38 U.S.C. § 1907

   Pub. L. 102–83, § 5(a), renumbered section 707 of this title as this section

   Source evidence

   Code amendment note
   Pub. L. 102–83, § 5(a), renumbered section 707 of this title as this section.

   Enacted provision · exact public law section
   (a) Redesignation of Sections to Conform to Chapter Numbers.— Each section contained in any of chapters 11 through 23 is redesignated by replacing the first digit of the section number with the number of the chapter containing that section. Each section contained in any of chapters 24 through 42 is redesignated so that the first two digits of the section number of that section are the same as the chapter number of the chapter containing that section.

9. 1991

   Pub. L. 102–83 § 4(a)(2)(A)(iii)(I) · 105 Stat. 378

   Substituted · 38 U.S.C. § 1907(a)

   Pub. L. 102–83, § 4(a)(2)(A)(iii)(I), substituted “Secretary” for “Veterans’ Administration”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 102–83, § 4(a)(2)(A)(iii)(I), substituted “Secretary” for “Veterans’ Administration”.

   Enacted provision · exact public law section
   (I) subsection (a) and the first sentence of subsection (b) of section 707;

10. 1991

    Pub. L. 102–83 § 4(a)(2)(C)(i) · 105 Stat. 378

    Substituted · 38 U.S.C. § 1907(b)

    Pub. L. 102–83, § 4(a)(2)(C)(i), substituted “by the Secretary” for “in the Veterans’ Administration” in second sentence

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 102–83, § 4(a)(2)(C)(i), substituted “by the Secretary” for “in the Veterans’ Administration” in second sentence.

    Enacted provision · exact public law section
    (i) The second sentence of section 707(b).

11. 1991

    Pub. L. 102–83 § 4(a)(2)(A)(iii)(I) · 105 Stat. 378

    Substituted · 38 U.S.C. § 1907(b)

    Pub. L. 102–83, § 4(a)(2)(A)(iii)(I), substituted “Secretary” for “Veterans’ Administration” in first sentence

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–83, § 4(a)(2)(A)(iii)(I), substituted “Secretary” for “Veterans’ Administration” in first sentence.

    Enacted provision · exact public law section
    (I) subsection (a) and the first sentence of subsection (b) of section 707;

12. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 1907(c)

    Pub. L. 102–83, § 5(c)(1), substituted “1915” for “715” in cl. (2)

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–83, § 5(c)(1), substituted “1915” for “715” in cl. (2).

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

13. 1991

    Pub. L. 102–83 § 4(b)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 1907(c)

    Pub. L. 102–83, § 4(b)(1), (2)(E), substituted “Secretary” for “Administrator” wherever appearing

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–83, § 4(b)(1), (2)(E), substituted “Secretary” for “Administrator” wherever appearing.

    Enacted provision · exact public law section
    (1) Title 38 is further amended by striking out “Administrator” and “Administrator’s” each place they appear (except as provided in paragraphs (2) and (9) and including where they appear in section headings and tables of sections) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

14. 1991

    Pub. L. 102–86 title II § 203 · 105 Stat. 414

    1. Redesignated · 38 U.S.C. § 1907(c)

       Pub. L. 102–86 amended subsec. (c) of this section as in effect before the redesignations made by Pub. L. 102–83, § 5, by substituting “during the one-year period beginning September 1, 1991” for “before February 1, 1973”

    2. Inserted · 38 U.S.C. § 1907(c)

       Pub. L. 102–86 inserting after second sentence “After September 1, 1992, the Secretary may, from time to time, provide for further one-year periods during which insureds may purchase additional paid up insurance from existing dividend credits and deposits. Any such period for the purchase of additional paid up insurance may be allowed only if the Secretary determines in the case of any such period that it would be actuarially and administratively sound to do so.”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 102–86 amended subsec. (c) of this section as in effect before the redesignations made by Pub. L. 102–83, § 5, by substituting “during the one-year period beginning September 1, 1991” for “before February 1, 1973” and inserting after second sentence “After September 1, 1992, the Secretary may, from time to time, provide for further one-year periods during which insureds may purchase additional paid up insurance from existing dividend credits and deposits. Any such period for the purchase of additional paid up insurance may be allowed only if the Secretary determines in the case of any such period that it would be actuarially and administratively sound to do so.”

    Enacted provision · exact public law section
    SEC. 203. OPEN SEASON FOR USE OF DIVIDENDS TO PURCHASE ADDITIONAL INSURANCE. Section 707(c) is amended— (1) by striking out “before February 1, 1973” in the second sentence and inserting in lieu thereof “during the one-year period beginning September 1, 1991”; and (2) by inserting after the second sentence the following new sentences: “After September 1, 1992, the Secretary may, from time to time, provide for further one-year periods during which insureds may purchase additional paid up insurance from existing dividend credits and deposits. Any such period for the purchase of additional paid up insurance may be allowed only if the Secretary determines in the case of any such period that it would be actuarially and administratively sound to do so.”.

15 of 16 references resolved to an enrolled provision · 1 partial