In re the Judicial Settlement of the Accounts of the Marine Trust Co.

For many years prior to February 15,1895, Edmund Hayes was the insured under five life insurance policies of the Equitable Life Insurance Company. He had taken them all out himself. Four of them were payable to “ self,” and one to Edmund Hayes, “ his executors, administrators or assigns.” At the expiration of the tontine dividend period of three of these policies, the insured exercised an option available under them, appropriating to his own use the accumulated surplus and continuing the policies on the “ ordinary plan.” The other two policies were exchanged for paid-up policies, under…