Farmers & Traders Bank v. Johnson
Supreme Court of Iowa
Appeal from Page District Court. — Hon. O. D. Wheeler, Judge. Action on two promissory, notes, and to establish and foreclose a lien on a policy of insurance on the life of Phineas H. Watson, in which defendant was named as beneficiary; and by her assigned to plaintiff as collateral security for the payment of the two notes.
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Appeal from Page District Court. — Hon. O. D. Wheeler, Judge. Action on two promissory, notes, and to establish and foreclose a lien on a policy of insurance on the life of Phineas H. Watson, in which defendant was named as beneficiary; and by her assigned to plaintiff as collateral security for the payment of the two notes. Defendant pleaded the illegality of the assignment — -First, because it was not stamped as 'required by the acts of congress and, second, because such assignments are contrary to public policy, and void. The trial court found for plaintiff, and the defendant appeals.
1Opinion of the CourtDeemer, J.
i Assignment of policy: estoppel. Defendant and.her husband, William Johnson, borrowed of the plaintiff something like $557, and executed their promissory notes therefor. To secure the said notes, defendant, who was the beneficiary in an ordinary life policy of insurance issued on the life of her father, and on which she had paid nine annual premiums, assigned the same to plaintiff by a written instrument which reads as follows, to wit: “December 22d, 1899. For value received, in consideration of the Farmers’ and Traders’ Bank of Shenandoah, Iowa, loaning us $225.00 now, and for any sums…
2Cases cited39 opinions
- Warnock v. DavisSupreme Court of the United States · 1882
- Central Bank of Washington v. HumeSupreme Court of the United States · 1888
- Insurance Co. v. BaileySupreme Court of the United States · 1871
- Olmsted v. . KeyesNew York Court of Appeals · 1881
- Equitable Life Insurance v. HazlewoodCourt of Appeals of Texas · 1889
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3Cited by7 opinions
- Petty v. Mutual Benefit Life InsuranceSupreme Court of Iowa · 1944
- Mercer National Bank v. White'sCourt of Appeals of Kentucky (pre-1976) · 1930
- Reilly v. Penn Mutual Life InsuranceSupreme Court of Iowa · 1926
- Andrew v. Bankers Life Co.Supreme Court of Iowa · 1932
- United Security Life Insurance v. BrownSupreme Court of Pennsylvania · 1921
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