Alabama National Life Insurance v. National Union Life Insurance

LAWSON, Justice.

On or about March 21, 1956, Alabama National Life Insurance Company purchased from National Union Life Insurance Company for the sum of $10,000 a bond issued by Belin Memorial University. The bond provided, in part, as follows:

“Belin Memorial University, a nonprofit corporation organized and existing under the laws of the State of Missouri (hereinafter called the 'College’), for value received hereby promises to pay to the bearer hereof, on the 15th day of December, 1975, the sum of Ten Thousand Dollars ($10,000.00), at the office of the First National Bank of Kansas City in…