Legalese?

What does this mean?
Sec. 207. [42 U.S.C. 407] (a) The right of any person to any future payment under this title shall not be transferable or assignable, at law or in equity, and none of the moneys paid or payable or rights existing under this title shall be subject to execution, levy, attachment, garnishment, or other legal process, or to the operation of any bankruptcy or insolvency law.

(b) No other provision of law, enacted before, on, or after the date of the enactment of this section[103], may be construed to limit, supersede, or otherwise modify the provisions of this section except to the extent that it does so by express reference to this section.

(c) Nothing in this section shall be construed to prohibit withholding taxes from any benefit under this title, if such withholding is done pursuant to a request made in accordance with section 3402(p)(1) of the Internal Revenue Code of 1986[104] by the person entitled to such benefit or such person’s representative payee.

This entry was posted on Saturday, September 26th, 2009 at 10:27 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

2 Responses to “Legalese?”

1. Gilbert A Says:
   September 29th, 2009 at 10:53 am

   It seems to pertain to some kind of public assistance payment.

   (a) You can’t pledge the payment as collateral for a loan. A lender or creditor can’t get at it, even if you declare bankruptcy.

   (b) Other laws are no exception to (a) unless they specifically say so.

   (c) Using the proper procedure, the federal government can deduct federal income tax from the payment.

2. cus3500 Says:
   October 2nd, 2009 at 12:19 pm

   Disclaimer: the following is what it appears to mean by my interpretation, but as I don’t know the details and am not an expert, please don’t make any decisions based on my interpretation!

   (a)Someone else cannot be designated to receive the payment/benefit, and the money is protected from entities who may think they have a right to a piece of it.

   (b)No one can make it seem as though they are changing or overriding the terms of this section unless the terms of this section are specifically referred to/ complied with.

   (c)Withholding taxes from this payment/benefit may be possible under the specific terms of 3402(p)(1) of etc, etc… by certain people, so we don’t want to look as though we’re saying it can’t be.