Equitable Life, C., U.S. v. Gutowski

This litigation arises from insurance policies written by complainant society upon the life of defendant, Dr. Walter T. Gutowski. On November 28th, 1933, a premium fell due on each policy and remained unpaid for more than the grace period of thirty-one days. The default brought into play a policy provision as follows:

"Upon default, this policy shall lapse and the insurance herein cease, except as stated in the provisions hereof entitled `grace' and `options on surrender or lapse' but it may be reinstated at any time unless the cash value has been duly paid or the period of extended term…