236 F. 812 | E.D. La. | 1916
In this case one of the bankrupts, Jonas Oldstein, claimed a certain insurance policy as exempt under the Lou
However, it is evident from the Bonvillain Case that the test of .exemption is not whether the policy bad a cash surrender value at the moment of adjudication, but whether the debts scheduled and the cash surrender value both antedated the exemption act. As to the debts that did not come into existence before its passage, the exemption act is valid. And creditors cannot complain as to its exemption, if the policy was not property to which they might have looked for payment prior to the change in the law.
The order of the referee will be reversed, and the trustee directed to surrender the policy to the bankrupt.