Security Life & Annuity Co. v. Costner
Supreme Court of North Carolina
ActioN tried before Moore, J., and a jury, April Term, 1908, of LINCOLN. Defendant executed bis promissory note for $144.10 payable to A. E. Scarborough, being tbe amount of premium on three1 policies of insurance aggregating $5,000, issued by plaintiff company on the life of defendant. The note was transferred to plaintiff, before maturity, by Scarborough, who was its agent for the purpose of soliciting insurance policies.
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ActioN tried before Moore, J., and a jury, April Term, 1908, of LINCOLN. Defendant executed bis promissory note for $144.10 payable to A. E. Scarborough, being tbe amount of premium on three1 policies of insurance aggregating $5,000, issued by plaintiff company on the life of defendant. The note was transferred to plaintiff, before maturity, by Scarborough, who was its agent for the purpose of soliciting insurance policies. Defendant admitted the execution of the note and alleged, by way of defence, that, at the time the policies were issued, and as an inducement to him to take them,…
1Opinion of the Court
CoNNOR, J.,
after stating the facts: The sole question presented is, whether by reason of the provisions of sec. 4775, Revisal, forbidding insurance companies from giving any special benefits, or any rebate of premiums on policies to one person not given to all others of the “same class and expectation of life,” the entire contract, policy and note are void. Conceding that the contract, set out in the record, violates the provisions of the statute, it does not follow that the policy of insurance issued, or the note given for premiums are void. It is not always easy to distinguish between those…
2Cases cited3 opinions
- Covington v. . ThreadgillSupreme Court of North Carolina · 1883
- Lindsay v. . SmithSupreme Court of North Carolina · 1878
- Burns v. . TomlinsonSupreme Court of North Carolina · 1908
3Cited by12 opinions
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- Marriott Financial Services, Inc. v. Capitol Funds, Inc.Supreme Court of North Carolina · 1975
- Coughlin v. Reliance Life InsuranceSupreme Court of Minnesota · 1925
- In Re the Receivership of Port Publishing Co.Supreme Court of North Carolina · 1950
- Timmerman v. Bankers' Reserve Life Co.Texas Commission of Appeals · 1933
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