Page:United States Statutes at Large Volume 49 Part 1.djvu/654

 74Tia CONGRESS. SESS. I. CH. 510. AUGUST 12, 1935 . the deceased beneficiary, less legal expenses of any administration necessary to determine that an escheat is in order, to the Veterans' Administration, and shall be deposited to the credit of the current approp riations provide d for pa yment of compens ation, i nsurance, or pension ." SE C . 2 . Whoeve r, being a guard ian, cur ator, co nservato r, commi t- tee, or person legally vested with the responsibility or care of a claim- ant or his estate, or any other person having charge and custody in a fidu ciary ca pacity o f money paid und er the W ar Risk Insuranc e Act, as amended, the World War Veterans' Act, 1924, as amended, the Eme rgency Offi cers' Retirement Act, as amended, the World War Adjusted Compensation Act, as amended, the pension laws in effect prior to March 20, 1933, Publi c Law Number ed 2, Seven ty-thi rd Congress, as amended, Public Law Numbered 484, Seventy-third Congress, or under any Act or Acts amendatory of such Acts, for the benefit of an y minor, inco mpetent, or o ther beneficia ry, shall len d, borrow, pledge, hypothecate, use, or exchange for other funds or property, except as authorized by law, or embezzle or in any manner misappropriate any such money or property derived therefrom in whole or in part and coming into his control in any manner whatever in the execution of his trust, or under color of his office or service as such fiduciary, shall be fined not exceeding $2,000 or imprisoned for a term not exceeding five years, or both. Any willful neglect or refusal to make and file proper accountings or reports concerning such money or property as required by law, shall be taken to be sufficient evidence, prima facie, of such embezzlement or misappro- priation. Section 505 of the World War Veterans' Act, 1924, section 16 of Public Law Numbered 2, Seventy-third Congress, and section 4783 of the Revised Statutes are hereby repealed ; but any offense committed before the enactment of this Act may be prosecuted and punishment may be inflicted in accordance with the terms of said sections notwithstanding the repeal of said sections. SEC. 3. Payments of benefits due or to become due shall not be assignable, and such payments made to, or on account of, a beneficiary under any of the la ws relating to veterans shall be exempt from taxation, shall be exempt from the claims of creditors, and shall not be liable to atta chment, levy, or seizure by or u nder an y legal or equitable process whatever, either before or after receipt by the beneficiary. Such provisions shall not attach to claims of the United States ar ising un der such laws no r shall the exem ption h erein co n- tained as to taxation extend to any property purchased in part or wholly out of such payments. Section 4747 of the Revised Statutes and section 22 of the World War Veterans' Act, 1924, are hereby repealed, and all other Acts inconsistent herewith are hereby modified according ly. The p rovision s of thi s sectio n shall not be c onstrued to prohib it the a ssignmen t by any person, to whom conver ted insu r- ance shall be payable under title III of the World War Veterans' Act, 1924, of his interest in such insurance to any other member of the permitted class of bene ficiaries. SEC. 4. If any provision, sentence, or clause of this Act or the application thereof to any person or circumstances, is held invalid, the remainder of this Act, and the application of such provision to other persons or circumstances, shall not be affected thereby- SEC. 5. That this Act shall take effect and be in force from and after its passage, but the provisions hereof shall apply to payments made heretofore under any of the Acts mentioned herein. Approved, August 12, 1935 . 104019 • -36	-39 609 Misappropriation of funds by fiduciary, etc. ; penalty. Refusal to file ac- countings. Rep eals. Vol.43,p.1312; Vol. 48,p.11. R.S., sec. 4783, p. 929 ; U. S. C.,p.1631. Prosecutions . Assignment of pay- ments prohibited ; ex- emptions. Repeals. R.S ., sec. 4717, p. 924;U.S. C., p. 1627. Vol .43,p .613;U.S. C.,p. 1665. Assignment of con- vert ed i nsur ance. Separability of pro. visions . Effective date.