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Third Circuit holds Bankruptcy Code permits policyholder to transfer policy rights to asbestos trust, notwithstanding non-assignment clause

  • Orrick Herrington & Sutcliffe LLP
  • -
  • USA
  • -
  • June 14 2012

The U.S. Court of Appeals for the Third Circuit ruled on May 1, 2012 that a provision of the U.S. Bankruptcy Code allowing the assignment of insurance policies as part of a bankruptcy reorganization overrides the anti-assignment clause of an insurance policy