Bose v. Meury

Arnold J. Meury insured his life in a number of companies in favor of his wife and infant children. In 1929 he made the Montclair Trust Company, trustee, the beneficiary of all the policies and deposited them with the trust company under an agreement that the trustee should pay the income of the proceeds, payable at his death, to his wife for life, remainder to his children. The right to add to or withdraw policies and to revoke the trust was reserved. He withdrew two policies aggregating $25,000 and on November 3d 1930, pledged them with the complainant as security for a $5,000 loan. Upon…