Glassell v. New York Life Ins. Co.

HAMITER, Judge.

The Standard Gravel Company, Incorporated, was named beneficiary in a policy of insurance on plaintiff’s life, issued at its request by defendant New York Life Insurance Company. The insurance was secured solely in the interest and for the protection of said beneficiary, of which plaintiff was an officer and a stockholder, and the premiums were to be paid by it.

Thereafter the beneficiary obtained a loan from the Exchange National Bank of Shreveport, La., and as part of the security thereon it executed an assignment of the policy to the lender.

During or about the year 1932,…