Legal Opinion
Philadelphia Life Insurance Company v. Crosland-Cullen Company
Court of Appeals for the Fourth Circuit
Decided May 28, 1956No. 7161PublishedCited by 3 opinions
1Opinion of the Court
THOMSEN, District Judge.
This case turns on the validity of an assignment of a life insurance policy by the beneficiary, a North Carolina corporation engaged in real estate development.
In 1947 defendant insurance company issued a $25,000 policy on the life of David B. Crosland, president of plaintiff corporation, which was named beneficiary. In October, 1950, this policy had a cash value of $799.24 in excess of a policy loan of $1,795.00. The only stockholders, directors or officers of plaintiff corporation at that time were David B. Crosland, president, 31 shares; his wife, Matilda H.…
2Cases cited8 opinions
- Park Terrace, Inc. v. Phoenix Indemnity Co.Supreme Court of North Carolina · 1956
- O'Neal v. . Wake CountySupreme Court of North Carolina · 1928
- Dome Realty Co. v. GouldMassachusetts Supreme Judicial Court · 1934
- Tuttle v. Junior Building Corp.Supreme Court of North Carolina · 1948
- Park Terrace, Inc. v. Phoenix Indemnity Co.Supreme Court of North Carolina · 1955
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3Cited by3 opinions
- Snyder v. FreemanSupreme Court of North Carolina · 1980
- National Union Life Insurance Company v. IngramSupreme Court of Alabama · 1963
- T-Wol Acquisition Co. v. Ecdg South, LLCCourt of Appeals of North Carolina · 2012