Francis H. Leggett & Co. v. Frank

Does section 55-a of the Insurance Law exempt dividends and interest thereon accumulated under the circumstances here?

The motion is made by the judgment debtor, who seeks to have vacated a third-party subpoena in supplementary proceedings, the insurance company being the third party.

The policy, issued as of November 24, 1926, provides endowment insurance, the insured to be paid $1,000 on November 24, 1936, if still living. If he dies prior to November 24, 1936, the beneficiary is to be paid $1,000.

Dividends apportioned as of November twenty-fourth in every year from 1928 to 1935, inclusive,…