Partridge v. Andrews

Citations

• 191 F. 325
• 41 L.R.A.N.S. 123
• 1911 U.S. App. LEXIS 4946

Syllabus

<p>1. Bankruptcy (§ 143*) — Property Passing to Trustee — Life Insurance Policies.</p> <p>Under Bankr. Act July 1, 1898, c. 541, § 70a, subd. 5, 30 Stat. 505 (U. S. Comp. St. 1901, p. 3451), which provides that a trustee shall be vested by operation of law with the title of the bankrupt as of the date he was adjudged a bankrupt to property which prior to the filing of the petition he could by any means have transferred, provided that, ‘‘when any bankrupt shall have any insurance policy which has a cash surrender value payable to himself, his estate or personal representatives,” he may, by paying to the trustee such surrender value, retain the policy free from the claims of the creditors, a life Insurance policy payable to the bankrupt or his estate vests in the trustee, whether or not it has a cash surrender value; the right to redeem it in such case being a personal privilege conferred on the bankrupt by the proviso.</p> <p>[Ed. Note. — For other cases, see Bankruptcy, Dec. Dig. § 143.*]</p> <p>2. Bankruptcy (§ 143*) — Property Passing to Trustee — Life Insurance Policies.</p> <p>Where life insurance policies, held by a bankrupt at the time of the filing of the petition against him and payable to his estate, had a cash surrender value, his death before the adjudication, which matured the policies, extinguished such surrender value, and on the appointment of a trustee such policies passed to him in their condition at the date of adjudication as matured contracts and assets of the estate.</p> <p>[Ed. Note. — For other cases, see Bankruptcy, Dee. Dig. § 143.*]</p> <p>. Buffington, Circuit Judge, dissenting.</p>