Munter v. Lankford

In 1935, appellees executed a two-year note for $5,000 to the order of the Estate of Herman W. Van Senden, of which appellant is now sole trustee. In this note, appellees waived the statute of limitations, and assigned a term life insurance policy as security.1 When this policy expired in 1939, one of the appellees assigned a new straight life insurance policy to the Estate. The Estate paid the premiums on each of these policies in turn until the second one was surrendered for its cash surrender value. The note was never paid. The Trustee of the Estate is now seeking to recover the face value…