Leggett v. Mutual Life Insurance
New York Supreme Court
APPEAL, by the defendant, from a judgment entered upon the report of a referee. On the 6th day of April, 1859, one Isaac Peck, being at that time the owner of certain real estate situated in the village of Flushing, county of Queens, mortgaged the same to the defendant to secure the sum of $20,000. The defendant was then, and still is an incorporated company, engaged in the business of insuring lives, and. clothed with the usual corporate powers.
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APPEAL, by the defendant, from a judgment entered upon the report of a referee. On the 6th day of April, 1859, one Isaac Peck, being at that time the owner of certain real estate situated in the village of Flushing, county of Queens, mortgaged the same to the defendant to secure the sum of $20,000. The defendant was then, and still is an incorporated company, engaged in the business of insuring lives, and. clothed with the usual corporate powers. On the 7th day of April, 1860, the said Isaac Peck executed and delivered two other mortgages, covering the same premises above referred to; one to…
1Opinion of the Court
By the Court, Leonard, J.
The grandchildren were interested, as remaindermen, in every portion of the estate of Isaac Peck, their grandfather. Although there was no divided interest in any specific property in which the grandchildren had a present or future estate, at the time the contract was made, they had an interest in the property in question capable of being ascertained whenever the prior estate should terminate. The estate of the executors or trustees under the will terminated when that of the grandchildren began. The trustees could not, .and did not, represent the future estate of the…
2Cases cited1 opinion
- Leggett v. Mutual Life InsuranceNew York Supreme Court · 1868
3Cited by2 opinions
- Harriman v. MeyerSupreme Court of Arkansas · 1885
- Kemp v. Knickerbocker Ice Co.New York Court of Common Pleas · 1876