Rattray v. Banks

1. A beneficiary in a life-insurance policy, where the insured has reserved the right to change the beneficiary, has no vested interest, and an assignment of the policy by the insured to a creditor, for the purpose of securing an indebtedness of the insured which is less than the face value of the policy, amounts to a change of beneficiary pro tanto.

2. A consent by the beneficiary to the assignment is, since the beneficiary’s interest has thus been divested by the insured, unnecessary to the validity of the assignment, and where such beneficiary' is the wife of the insured, a consent by her…