MICHAEL J. KAPLAN, Bankruptcy Judge.
This case presents the issue of whether a husband and wife, as joint Chapter 7 debtors who have each "effected" two life insurance policies on their own lives and named their spouse as the beneficiary, may exempt the cash value of the policies under § 3212(b)(1) of N.Y. Insurance Law.
The facts of the case are undisputed: the Debtors claim the policies as exempt, and the Chapter 7 Trustee...
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