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This document summarizes a Supreme Court case regarding whether life insurance policies held by bankrupt individuals were exempt from creditors. The Court held: 1) The state law exempting life insurance policies from creditors was valid and not in conflict with the state constitution. 2) The state exemption law applied to the type of policies in question, including policies with cash surrender values, contrary to the arguments of the trustee. 3) Section 6 of the federal Bankruptcy Act, which adopts sta

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Scribd Government Docs

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