District Court, S.D. New York March 19, 1935 (In re Neumaier)

PATTERSON, District Judge.

The bankrupt had taken out insurance policies on his life payable to his wife, with reserved power to change the beneficiary. The policies had a cash surrender value of $1,500. New York has a statute, effective March 31, 1927, to the effect that such policies are exempt from claims of the insured’s creditors. Insurance Law (Consol. Laws, c. 28) § 55-a.