NY Law Permits Sale Of Life Policies, Court Rules

Law360, New York (November 17, 2010, 7:06 PM EST) -- New York law permits a person to procure an insurance policy on his or her life and then sell it to a hedge fund, bank or other investor, even when the policy is obtained just for that purpose, New York's highest court ruled Wednesday in a closely watched stranger-originated life insurance case.

The 5-2 decision in the New York Court of Appeals represents a defeat for plaintiff Alice Kramer, the widow of Arthur Kramer, who helped found law firm Kramer Levin Naftalis & Frankel LLP....
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