Waller v. Waller

Mr. Presiding Justice Tuohy

delivered the opinion of the court.

Defendants Massachusetts Mutual Life Insurance Company and National Life Insurance Company appeal from portions of a decree entered by the circuit court of Cook county and from an order denying a petition to vacate the portions of the decree challenged. Emerging from lengthy pleadings is the fundamental question whether the assignee of a policyholder may surrender life insurance policies for their cash value without the consent of all irrevocable beneficiaries, and its corollary, whether or not the children of the insured who will…