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284 F.2d 300

Docket No. 8154.

Brown v. Posin

Fourth Circuit Court of Appeals

Argued November 7, 1960.

Decided November 11, 1960.

Fourth Circuit Court of Appeals · decided 1960-11-11

Cited by 4 later decisions — most recently December 1986

1 federal appellate · 1 district ·

2 counsel of record

Key passage — most relied on by later courts

“The proceeds, including death benefits, cash surrender and loan values, premiums waived, and dividends, whether used in reduction of the premiums or in whatsoever manner used or applied, excepting only where the debtor has, subsequent to the issuance of the policy, actually elected to receive dividends in cash, of any policy of life insurance or under any annuity contract upon the life of any person heretofore or hereafter made for the benefit of or assigned to the spouse or children or dependent relative of such person, shall be exempt from all claims of the creditors of such person arising out of or based upon any oblication created after June 1, 1945, whether or not the right to change the named beneficiary is reserved or permitted to such person. The provisions of this section shall not prohibit any creditor from collecting the amount of any debt out of the proceeds of any life insurance policy pledged by the insured as security for such debt. A change of beneficiary or assignment or other transfer shall be valid except in case of transfer with actual intent to hinder, delay, or defraud creditors. (An.Code, 1951, § 170; 1945, ch. 864; 1963, ch. 553, § T, 1973, ch. 7.)”

quoted by 1 later decision, including In Re Howland

Relies on In re Posin

Good law ✅— No negative treatment on recordhow we know

Opinion by Per Curiam · Decided 1960-11-11

View the full empirical analysis of this case →

Edward L. Genn, Washington, D. C. (Benjamin B. Brown, Silver Spring, Md., on brief), for appellant.

J. Martin McDonough, Baltimore, Md. (Wm. Holland Wilmer, II, and Piper & Marbury, Baltimore, Md., on brief), for appellee.

Before SOBELOFF, Chief Judge, SOPER, Circuit Judge, and BRYAN, District Judge.

PER CURIAM.

¶1

This appeal relates to the exemptions allowable to a bankrupt. Maryland Law is here controlling, and the answer depends upon the proper interpretation of a Maryland statute and the Maryland Constitution. The District Court held that Article 48A, section 166, of the Maryland Code (1957) applies. This statute exempts the cash surrender value, without limitation, of life insurance policies made for the benefit of or assigned to the wife or children or other dependent relative of the debtor. The court held this statute valid and not in conflict with section 44 of Article III of the Constitution of Maryland, which limits to $500 the amount of a debtor's property which the legislature may exempt from execution.

¶2

For the reasons stated in the able opinion of the District Court, reported in 183 F.Supp. 380, the judgment below is

¶3

Affirmed.

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