Heritage Bank North v. Ashley Development Corp.

The opinion of the court was delivered by

BILDER, J.S.C.

(Temporarily Assigned).

On this appeal we are asked to consider the right of a creditor to reach accumulated dividends on a life insurance policy, a question yet undecided in New Jersey. A judgment creditor appeals from the denial of a motion for the turnover of accumulated life insurance dividends due the judgment debtor. The trial court denied the motion on the ground the dividends were exempt from execution under N.J.S.A. 17B:24-6. Appellant alleges that the judgment debtor has converted the accumulated dividends to cash additions to…