Law360, New York (November 17, 2010) — 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.
NY Law Permits Sale of STOLI Policies, Court Rules NY Law Permits Sale of STOLI Policies, Court Rules View Article