Schwartz v. Coen

FRANK, Circuit Judge.

1. Coen, on January 10, 1940, filed a voluntary petition in bankruptcy; appellant duly became his trustee in bankruptcy. In this suit appellant sought the surrender value of a policy issued, on January 26, 1921, to the bankrupt on his life; the policy named his wife as beneficiary with the privilege reserved in, the bankrupt to change the beneficiary. On November 20, 1929, the bankrupt assigned this policy to his wife at a time when, appellant claimed, appellee was insolvent.

Were it not for § 55(a) of the New York Insurance Law, Consol.Laws, c. 28, now § 1661 — which is…