American Trust Co. v. Sperry

As Administrator of H. L. Sperry complainant seeks to subject to the payment of his debts the proceeds of life insurance payable to his estate in the net sum, after deducting a loan for which it had been pledged, of $8766.76, upon the theory that Sperry had by will so included this insurance in his distribution of his general estate as to charge it with his debts. This appeal is from a decree so'holding, the facts having been stipulated below.

Despite the express provisions of our statutes (Shannon’s Code, secs. 4030 and 4231) exempting the proceeds of life insurance so payable, it is conceded…