Friedlander v. Scheer

This is an action for a declaratory judgment. Plaintiff is named as a beneficiary in one of six life insurance policies assigned as collateral security for a bank loan, made to the deceased insured. The principal issue is whether the debt to the bank should be allocated proportionately among the six policies, and the balances remitted to the beneficiaries of the several policies, or whether the entire value of the policy in which plaintiff is named as a beneficiary should be applied first to the bank debt, before the remainder of the debt should be allocated proportionately among the five…