Missouri State Life Ins. Co. v. Robertson Banking Co.

Not being prohibited by law or public policy, a contract of life insurance, being a chose in action, may before loss be assigned to one having an insurable interest in the life of the assured, without the consent of the insurer, unless it contains a stipulation to the contrary, or by which the right of assignment is limited. McDonald v. McDonald, 215 Ala. 179, 182, 110 So. 291; 37 C. J. 422 et seq.; Colebrooke on Collateral Sec., § 426; Helmetag’s Adm’r v. Miller, 76 Ala. 183, 52 Am. Rep. 316; Ala. Gold Life Ins. Co. v. Mobile Mut. Ins. Co., 81 Ala. 329, 1 So. 561; Haase v. First Nat. Bank,…