New York Life Ins. Co. v. Conrad

Opinion op the Court by

Stanley, Commissioner—

Reversing.

In 1928, Hugh. Lee Conrad was a man of means. His family, consisting of Ms wife and tMee cMldren, lived in comparative luxury. In that year he contracted with the New York Life Insurance Company to hold the proceeds of two life insurance policies, each for the ■face value of $10,000, in trust for the benefit of his wife and children. He died in 1930. His estate proved to be insolvent because of the extraordinary depression in land values. His widow waived her dower in the estate, iind in addition used $3,000 of the proceeds of an in…