Landreth v. First Nat. Bk. of Phila.

Opinion by

Me. Justice Paekee,

Burnet Landreth, Jr., borrowed from defendant bank $507.30 and pledged as collateral an insurance policy on his life, in Metropolitah Life Insurance Company, for $10,000. The policy on the death of insured was payable to his wife, Margaret M. Landreth, if then living, otherwise to his two children. The insured and beneficiaries made an assignment general in form on a blank furnished by the insurance company. At the same time they executed a paper prepared by the bank setting forth the conditions of the pledge.

Mr. Landreth died on October 4, 1941, and the sum óf…