National Bank v Official Assignee of Estate of Claridge - [1925] NZLR 305

Bankruptcy — Endowment Policy of Life Insurance transferred absolutely by Debtor to Creditor — Transfer intended by Debtor and Creditor as Security for Moneys owing and to become owing — Bankruptcy of Debtor — Maturity of Policy — Proof by Creditor for Full Amount of Debt regardless of Amount payable under Policy — Receipt by Creditor of Proceeds of Policy — Rejection by Official Assignee of Proof to Extent of Amount of Proceeds — Motion for Order admitting Proof — Whether Creditor entitled to invoke Provisions of s 65 of Life Insurance Act, 1908, or bound to treat Policy as Security within Meaning of Bankruptcy Act, 1908, and value accordingly — Bankruptcy Act, 1908, s 102 — Life Insurance Act, 1908, ss 41, 43, 44, 65.