The bankrupt had taken out insurance policies on his life payable to his wife, with reserved power to change the beneficiary. The policies had a cash surrender value of $1,500. New York has a statute, effective March 31, 1927, to the effect that such policies are exempt from claims of the insured's creditors. Insurance Law (Consol. Laws, c. 28) § 55-a. The bankrupt had a number of creditors...
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