The respondent insured her husband's life and designated herself a revocable beneficiary.
She, her husband, and children were petitioned into receivership.
The trustee in bankruptcy surrendered the policy for its cash surrender value.
The respondent sought to enjoin the trustee, arguing the right to surrender was exclusively attached to the person and exempt from seizure.
The Supreme Court of Canada held that the exemption provisions of the Civil Code of Lower Canada governing life insurance contracts are exhaustive.
Since the respondent's policy did not qualify under the specific exemptions, the rights under the policy, including the right to surrender for its cash surrender value, were seizable by the trustee under the Bankruptcy and Insolvency Act.
