91 F. 361 | N.D. Iowa | 1899
In the certificate of the referee submitting the question at issue to the court the facts are stated tot-be as follows; Hugo A. Lange, who has been duly adjudged'to be a bankrupt on his own petition, is tire holder of an endowment policy in the Mutual Benefit Life Insurance Company, issued under date, of December C, 1892, and payable in 15 years, the present surrender value of which is the sum of $422.72. The bankrupt claims, that this policy in its entirety is exempt from liability for his debts, under the provisions of section 1805 of the Code of Iowa, which declares that “the proceeds of an endowment policy payable to the assured on attaining a certain age shall be exempt from liability for any of his debts”; whereas on behalf of the creditors it is claimed that under the provisions of section 70 of the bankrupt act the policy in question will pass to the trustee as part of the assets of the estate, unless the bankrupt avails himself of the right to pay or secure to the trustee the amount of the surrender value of the policy as provided for in section 70, ; On behalf of the bankrupt reliance is placed upon the provisions of section 6 of the bankrupt act, which declares “that this act shall not affect the allowance to bankrupts of the exemptions which are prescribed by the state laws in force at the time of the filing of the petition in the state