Knapp v. Life Insurance Corp. of America

WADE, Justice.

The defendant, Life Insurance Corporation of America, appeals from a judgment in favor of the plaintiffs, Clyde J. and Olive Knapp, husband and wife, and their minor children, respondents here, rescinding an exchange contract for fraud and deceit. The court also awarded plaintiffs a money judgment in payment for the property which plaintiffs transferred to defendant under such exchange agreement if not returned to plaintiffs.

The exchange contract was actually made on January 5, 1955, but was dated December 30, 1954. Under it plaintiffs received 1,500 shares of defendant…