Morthland v. Lincoln National Life Insurance Co.

In 1932 the Northern States Life Insurance Company, hereinafter referred to as the Northern States, was found to be insolvent and one John W. Morthland was appointed receiver therefor. With the approval of the insurance commissioners of the States of Indiana and Iowa and of the receivership court, the receiver entered into a reinsurance contract with the appellee, Lincoln National Life Insurance Company, hereinafter referred to as the Lincoln.

By the terms of this contract a trustee was to be appointed by the court to act on behalf of all of the policyholders and beneficiaries of policies of…