Cohn v. Malone

Citations

• 248 U.S. 450
• 39 S. Ct. 141
• 63 L. Ed. 352
• 1919 U.S. LEXIS 2290

Syllabus

<p>The cash surrender value of a life insurance policy which is payable to the executors, administrators or assigns of the insured, or payable to specified persons with a right in the insured .to change the beneficiaries, is assets subject to distribution under the Bankruptcy Act. Coken v. Samvels, 245 U. S. 50.</p> <p>Section 2498 of the Georgia Code, 1910, providing that an insured may assign his life insurance by directing payment to his personal representative, or to his widow, or to his children, or to his assignee, and that no other person can defeat such direction when assented to by the insurer, does not operate to withdraw the cash surrender value from his estate in bankruptcy when the assignment was made to his wife expressly subject to his right'to change beneficiaries or surrender the policy at any time.</p>