Coon v. Swan
Supreme Court of Vermont
General Assumpsit. Plea, general issue, and trial by jury, November Term, 1856, — Peck, J., presiding. The plaintiff’s testimony tended to show that Edwin W. Coon, the plaintiff’s intestate, applied to the defendants for a loan of money to go to California, and proposed to give them a note for double the amount of money furnished him, and also to procure a policy of insurance upon his life as security for the money, under an agreement that the defendants were to advance also…
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General Assumpsit. Plea, general issue, and trial by jury, November Term, 1856, — Peck, J., presiding. The plaintiff’s testimony tended to show that Edwin W. Coon, the plaintiff’s intestate, applied to the defendants for a loan of money to go to California, and proposed to give them a note for double the amount of money furnished him, and also to procure a policy of insurance upon his life as security for the money, under an agreement that the defendants were to advance also the money necessary to procure the policy, which was to be included in the note and to be repaid by Coon, and that Coon…
1Opinion of the Court
The opinion of the court was delivered by
Bennett, J.
The defendants in this case held the policy of insurance in trust for the intestate, and as collateral security for the payment of the note. The money when paid on the policy, in equity and good conscience, belonged to the estate of the intestate ; and from the case made in the bill of exceptions, the defendants can have no legal or equitable right to retain any portion of the money paid them by the insurance company, to pay the usurious interest included in the note. The money was a fund raised at the expense of the intestate, and placed in…
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