McCargar v. Federal Securities Co.

[EDITORS' NOTE: THIS PAGE CONTAINS HEADNOTES. HEADNOTES ARE NOT AN OFFICIAL PRODUCT OF THE COURT, THEREFORE THEY ARE NOT DISPLAYED.] In Banc. This is an action to recover upon an alleged promise by the defendant to pay to the plaintiff the premiums upon certain life insurance policies upon the life of L.G. Raymond, payable to his wife, Rosetta Raymond, in the event of his death.

The complaint, after alleging the corporate capacity of plaintiff and defendant, sets forth, in substance, that at the dates mentioned in the complaint L.G. Raymond was president and the owner of a large majority of…