In Re Herz Importing Corp.

OPINION

POLLACK, District Judge.

This is a petition to review a Referee’s ruling sustaining summary jurisdiction of the Bankruptcy Court to determine the ownership of the proceeds of a policy of life insurance on the life of Henry II. Herz. The insured was the president of the bankrupt, a close corporation. The insurance was made payable to the corporation as “primary beneficiary, creditor, as its interest may appear, balance of proceeds, if any, to Peggy Herz . . . daughter of the insured” who is the petitioner herein.

The trustee in bankruptcy claims the entire proceeds of the policy, which he…