203DAssignments or commutations of tax‑exempt lump sums are not effective

#### 203D Assignments or commutations of tax‑exempt lump sums are not effective (1) A purported assignment of the right to receive a lump sum that is, at the time of the purported assignment, a tax‑exempt lump sum is not effective at law. (2) A purported commutation, or other early cashing‑out, of the right to receive a lump sum that is, at the time of the purported commutation or cashing‑out, a tax‑exempt lump sum is not effective at law.