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IN RE LIPTON

No. 51317.

4 F.Supp. 799 (1933)

In re LIPTON.

District Court, S. D. New York.

June 9, 1933.

Attorney(s) appearing for the Case

I. Arnold Ross, of New York City, for Irving Trust Co.

Abraham I. Menin, of New York City, for bankrupt.

Tanner, Sillcocks & Friend, of New York City (Leonard M. Gardner, of New York City, of counsel), for John Hancock Mut. Life Ins. Co.

Root, Clark & Buckner, of New York City, for Fidelity Mut. Life Ins. Co.

Alexander & Green, of New York City, for Equitable Life Assur. Soc. of U. S.

COXE, District Judge.

The principal question in this case is whether the trustee is entitled to the surrender value of various life insurance policies on the life of the bankrupt, payable to his wife as sole beneficiary, with reserved power in the bankrupt to change the beneficiary at will.

It is conceded that section 55-a of the New York Insurance Law (Consol. Laws N. Y. c. 28) has no application, because a considerable portion of the bankrupt's indebtedness...

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