Toulouse v. New York Life Insurance

Robert Sherlock left six thousand dollars of the proceeds of a matured life insurance policy with the insurance company, under an option in his policy which read as follows:

“The proceeds may be left with the Company subject to withdrawal in whole or in part at any time on demand in sums of not less than one hundred dollars. The Company will credit interest annually on the proceeds so left with it at such rate as it may each year declare on such funds and guarantees that the rate of interest shall never be less than three per cent.”

*440A supplementary contract between Mr. Sherlock and the…