Court Opinion

ID: 9637358
Source: CourtListenerOpinion
Date Created: 2023-08-22 15:04:40.856989+00
Date Added: 2024-06-11T18:09:55.592151
License: Public Domain

On Petition for Rehearing.
PER CURIAM.
The opinion in this case, handed down December 28, 1945, treated the bankrupt’s claim of exemption as governed by § 166 of the Insurance Law of 1939, Consol. Laws, c.,28. By petition for rehearing the trustee in bankruptcy asserts that the applicable statute is § 55-a of the Insurance Law of 1909, Laws 1927, c. 468, § 1. This is correct because one of the listed debts was a 1929 judgment and subdivision 5 of § 166 declares:
“5. The term-‘creditor’ as used in this section shall include every claimant under a legal obligation contracted or incurred after the effective date of this chapter. * * * The rights of creditors whose claims were contracted or incurred prior to the effective date of this chapter shall be governed by sections fifty-five-a, fifty-five-b and fifty-five-c of chapter twenty-eight of the consolidated laws. This section insofar as it may differ, in form, language or substance, from said sections, is not intended, in any way, to affect the interpretation or construction of said sections as applied to such rights.”
When the appeal was heard neither in briefs nor argument did either party call our attention to subdivision 5 nor contend that § 55-a rather than § 166 was the controlling statute. The difference now urged as material is that § 55-a excepts “cases of transfer with intent to defraud creditors,” while § 166 excepts “cases of transfer with actual intent to hinder, delay or defraud creditors, as such actual intent is defined by article ten of the debtor and creditor law.” Subd. 4.
We have again reviewed the case with § 55-a considered as the controlling statute. Neither the difference in statutory language nor the New York cases cited by the petitioner convince us that a different result is required. Accordingly the petition for rehearing is denied.