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AMERICAN NAT. BANK AND TRUST CO. OF ROCKFORD, ILL. v. U.S.

No. 87-1407.

832 F.2d 1032 (1987)

AMERICAN NATIONAL BANK AND TRUST COMPANY OF ROCKFORD, ILLINOIS, as executor of the Estate of Bruce F. Olson, deceased, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided November 2, 1987.

Attorney(s) appearing for the Case

David R. Hodgman, Schiff Hardin & Waite, Chicago, Ill., for plaintiff-appellant.

Robert A. Bernstein, Dept. of Justice, Washington, D.C., for defendant-appellee.

Before BAUER, Chief Judge, and CUMMINGS and POSNER, Circuit Judges.

POSNER, Circuit Judge.

This appeal presents a potentially recurrent question, though not one on which we have been able to find any reported decisions. Suppose a life insurance policy is assigned to the insured's spouse, and later the spouse relinquishes all rights under the policy as a condition of the insured's being allowed to obtain a bigger policy, and the new policy is not assigned. Can the spouse nevertheless be deemed the owner of the new policy, in whole...

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