If it appears that the life insurance policy or annuity contract was procured with the intent and effect of defrauding creditors of the person procuring the same, the party receiving the money secured by the policy shall be liable to such creditors for the amount of all premiums paid for such insurance with interest thereon. The company issuing the policy shall be discharged of all liability thereon by payment of its proceeds in accordance with its terms, unless before such payment, the company shall have written notice, by or on behalf of a creditor, of a claim to recover for certain premiums paid in fraud of creditors with the certification of the amount claimed.
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