James Clark McReynolds

“ If a policy is assigned as security for a debt which the assured pays during his life, certainly the statute is not to be given the effect of putting it out of the power of the assured to change the beneficiary upon the reassignment of the policy to him by the satisfied creditor. ”

“ First, that the cash surrender value was not property which could have been transferred by him prior to bankruptcy; and, second, that the assignment to his wife could not be defeated by the trustee because protected by section 2498, Georgia Code 1910, which provides:
'The assured may direct the money to be paid to his personal representative, or to his widow, or to his children, or to his assignee; and upon such direction given, and assented to by the insurer, no other person can defeat the same. ”