Ætna Life Ins. v. Hub Hosiery Mills

WOODBURY, Circuit Judge.

This is an appeal from a judgment entered for the defendants in an action brought for the cancellation and surrender of a policy of insurance issued by the plaintiff on the life of the defendant Traverse, paid for by the defendant Hub Hosiery Mills (the beneficiary named in the policy), and assigned to the defendant Union National Bank as collateral security for a loan. Federal jurisdiction rests upon diversity of citizenship and amount in controversy.

The following facts are not in dispute. On August 13, 1946, Traverse, an executive officer of Hub Hosiery Mills, made…