Lane v. Travelers Insurance

— Patrick Lane, through the will of his father, Edmund Lane, acquired a life estate in the 160-acre farm in controversy with the right to mortgage it for not more than $2,400. What is conceded to be a contingent remainder was devised to the legal heirs of Patrick at the time of his death. The plaintiffs are the five daughters and one son of the life tenant, two of whom were still minors when this suit was started.

In 1896, one year after his father’s death, Patrick mortgaged the land for $2,400. This mortgage was paid off and satisfied in 1917. In 1906, Patrick mortgaged this and other land…