SEITZ, ADMRX. v. Seitz

This case involves the question of whether the beneficiary of life insurance policies, which the insured pledged to a bank as collateral security for a debt, has the right to pay the pledge of insured after his death, and to be subrogated to the pledgee’s claim against the insured’s estate for the amount paid to pledgee by the beneficiary. We hold that, under the circumstances presented, the beneficiary has the right of subrogation, and, accordingly, affirm the decree of the Chancery Court of Lowndes County.

Wiley Nash Seitz died intestate in Lowndes County, Mississippi, in November 1957. He…