In re L. Hammel & Co.

Citations

• 221 F. 56
• 137 C.C.A. 80
• 1915 U.S. App. LEXIS 1290

Syllabus

<p>Bankruptcy <§=>143 — Administration op Estate — Insurance Policy — Change op Beneficiary.</p> <p>Under Bankr. Act July 1, 1898, c. 541, § 70a, 30 Stat. 565 (Comp. St. 1913, § 9654), providing that, where a bankrupt has a life insurance policy payable to himself or his estate, which has a cash surrender value, he may pay such value to the trustee and retain the policy, the court cannot compel a bankrupt, who had taken out an insurance policy, in which his wife was designated as beneficiary, but which gave him the right to change the beneficiary, and which had no cash surrender value, but on which he could borrow a fixed sum with the consent of the beneficiary, but not otherwise, to substitute himself as beneficiary and borrow tile amount of the loan value of the policy for the benefit of creditors.</p> <p>[Ed. Note.—For other cases, see Bankruptcy, Cent. Dig. §§ 194, 201, 202, 213-217, 223, 224; Dec. Dig. <®=>143.]</p> <p>@=»For other cases see same topic & KEY-NUMBER in all Key-Numbered Digests & Indexes</p>