Detroit Greyhound Employees Federal Credit Union v. Aetna Life Insurance

Detroit Greyhound Employees Federal Credit Union, plaintiff, appeals from a reversal by circuit court of a judgment entered in its behalf by the common pleas court of Detroit.

Plaintiff based its suit on an assignment, for security purposes, from an employee of Greyhound Corporation of the moneys payable to him under an annuity contract upon termination of his employment. Defendants claim this assignment is prohibited by the provisions of the group annuity contract. To set forth the positions of the parties, we adopt the following statement of facts from the trial court’s opinion, designating…