Book Description

This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1913 edition. Excerpt: ...so paid. Admittedly, the company acted in good faith and without having any ground to suspect the existence of any fraudulent intent on the bankrupt's part. Held, that the contract of insurance while novel in kind did not offend against public policy; that the contract being a lawful and proper one in kind, the insurance company, acting in good faith, acquired certain rights upon which it was entitled to stand; that the cancellation of the contract did not place the company in statu quo; and that the bankrupt's trustee was not entitled to recover the premiums paid and to have the contracts cancelled, but his only remedy was to dispose of the bankrupt's contingent interest in the policies. Mutual Life Ins. Co. v. Smith (C. C. A., 1st Cir.), v. 25, p. 768; rev'g v. 24, p. 514. 0. Policy carrying annuity and payable to wife at bankrupt's death----vested interest of wife in policy---trustee entitled to annuity only.---Where a policy of insurance provides that if the insured survive for more than twenty years from the date of the policy he shall receive an annuity of $60 during the remainder of his life and, further, that upon the death of the insured at any time during the continuance of the policy $1,000 shall be paid to the wife, and the law of the State in which the insured resides exempts from any claim of the husband's creditors policies of insurance for the benefit of the wife, although paid for by the husband, the wife has a vested interest in such policy and upon the insured becoming bankrupt his trustee is entitled only to the value of the annuity provided for and not to the entire present value of the policy as against the wife. In re Schaefer (D. C., Ohio), v. 26, p. 340. 10. Exercise of options.--Where such policy provides...