California Western States Life Insurance v. Tucker

This is a companion case to American Trust Co. v. California Western States Life Insurance Co., S. F. No. 15797 (ante, p. 42 [98 Pac. (2d) 497]), this day decided. The factual background and basic legal issues involved in the instant case have been fully reviewed in the opinion in the American Trust Company case, and need not be repeated here. We shall, however, mention briefly two defenses made by defendant herein which were not discussed in the former opinion.

The first is that the contracts under which California-Western was obligated to take back the stock originally issued to the four…