Duty v. First State Bank of Oregon

Plaintiff brought this action to recover $50,427, which she claims is due her as named beneficiary on a policy insuring her late husband Don Duty’s life. Her husband had asssigned the policy as collateral security to the Community Bank (predecessor in interest to defendant First State Bank of Oregon, hereinafter referred to as Bank), which received the proceeds. Plaintiff claims that Bank misapplied the proceeds and that it and the other defendants, Don Frank Co., Inc. (Company) and James Duty, secretary-treasurer of Company, are liable to her for conversion and money had and received. In…