Article 1923 of the Italian Civil Code “prohibits the insurer from bringing an enforcement or precautionary action against the sums due to the policyholder or the beneficiary, but does not prevent the latter from voluntarily pledging said sums in favour of third parties. Therefore, the pledge on the property deriving from the policy must be considered admissible, that is, on the redemption value claimed by the policyholder and/or the policy beneficiary upon the occurrence of the insured event provided for in the contract”. This was established by the Court of Genoa with a judgment of 11 November 2024.
The dispute originates from the case against an important operator in the NPE market, sponsored by Cassinelli Studio Legale. The plaintiff, who had granted a pledge on his own life policy to guarantee some banking relationships, censured the liquidation of the policy in favour of the creditor, stating that the pledge on the life policy would be prohibited by law.
The Genoese Court rejected the application, fully adhering to the defence of the team led by Roberto Cassinelli and composed of Nicola Cassinelli and Lorenzo Porzio.