In re Phillips

WATSON, District Judge.

This is a certificate for review of the referee’s decision.

*808The question before the referee was whether the cash surrender value of a poliey of life insurance insuring the life of the bankrupt was exempt from all claims of the creditors of the bankrupt.

At the time the bankruptcy petition was filed, May 16, 1933, the bankrupt was the owner of a policy of life insurance in the amount of $5,000. The poliey was taken out in 1914. It was on his own life, payable to his executors, administrators, or assigns. The policy expressly reserved to the insured the right to change the…