Davis v. Acacia Mutual Life Ins. Co.

The opinion of the Court was delivered by

-Mr. ChiEE Justice StabeEr.

On May 1, 1906, the Masonic Mutual Relief Association, predecessor of the Acacia Mutual Life Insurance Company, issued to one James P. Davis, insurance in the sum of $1,000.00 written on the twenty-payment life plan. On January 17, 1927, after the twenty-year period had expired, Davis borrowed from the company $566.00, the full loan value of the policy, and executed in its favor a note in that amount, bearing interest at 5 per cent. On February 17, 1928, the defendant canceled the insurance, claiming that the principal amount…