Christian v. Merchants Nat. Bank & Trust Co.

The Christian & Brough Company was a corporation dealing in automobiles, in the City of Vicksburg, and will be henceforth referred to as the corporation. John Christian was the president of the corporation. Three policies of insurance, aggregating in face value the sum of $30,000, on the life of John Christian, were owned by the corporation; they were payable directly to the corporation as sole beneficiary. Prior to the transactions hereinafter to be discussed, these three policies had been formally and validly assigned with delivery to appellee bank as its interest might appear; and we think…