Phoenix Mutual Life Insurance v. Klaw

Pécora, J.

In this interpleader action the defendant executor has moved for judgment on the pleadings directing payment to him of the fund now on deposit with the court.

On November 28, 1905, the plaintiff issued two insurance policies on the life of Marc Klaw in the sums of $15,000 and $10,000, respectively. The policies were payable to Marc Klaw, Jr., the son of the insured, as beneficiary. Upon the death of Marc Klaw there was to be paid to the beneficiary on each policy, respectively, the sums of $750 and $500 per annum, for a period of twenty years, and a like sum annually until the death…