United States Second Circuit

In a bankruptcy appeal to holding that certain assets in connection with life insurance policies appellants each held for the benefit of the other were not exempt from the joint administration of their bankruptcy estates, district court order is reversed where: 1) any leviable interest in this property belonged to the owner/insured, not to the beneficiary; 2) section 3212(b)(1) protects the cash surrender value from the creditors of the owner/insured; and 3) because the beneficiary owned no administrable interest, the property was not subject to administration.

Appellate Information

• Decided 09/24/2008
• Published 09/24/2008

Judges

Court

• United States Second Circuit

Counsel