Mutual Life Ins. v. Richards
Missouri Court of Appeals
Appeal from Bntler Circuit Court. — Ho». J. L. Fort, Judge. (1) We are of the opinion that it is well settled as the law of this State that a policy of insurance may be assigned, although the Assignee has no pecuniary interest in the life of the assured, and where the assignment is executed by both the assured and beneficiary for a valid consideration, absolute and unconditional, the assignee is entitled to the whole of the proceeds of said policy.
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Appeal from Bntler Circuit Court. — Ho». J. L. Fort, Judge. (1) We are of the opinion that it is well settled as the law of this State that a policy of insurance may be assigned, although the Assignee has no pecuniary interest in the life of the assured, and where the assignment is executed by both the assured and beneficiary for a valid consideration, absolute and unconditional, the assignee is entitled to the whole of the proceeds of said policy. Such is the holding of McFarland, Admr. v. Creath, 35 Mo. App. 122; St. John v. American Mut. Ins. Co., 13 N. Y. 31; Yalton v. Life Ins. Co., 26…
1Opinion of the Court
. GOODE, J.
Both Lillie Richards, the respondent, and Jesse Reynolds, the appellant, demanded the proceeds of a certain insurance policy issued by the Mutual Life Insurance Company, May 27, 1899, on the. life of Stephen P. Richards, whereby said company promised to pay Lillie Richards the sum of two thous- and dollars at the death of said Stephen on receipt of satisfactory proof of bis death. The insured died December 3, 1901, while the policy was in force and satisfactory proof having been made, the insurance company filed a bill of interpleader in the circuit court of Butler county, paid the…
2Cases cited4 opinions
- Warnock v. DavisSupreme Court of the United States · 1882
- Masonic Benevolent Ass'n v. BunchSupreme Court of Missouri · 1891
- Whitmore v. Supreme Lodge Knights & Ladies of HonorSupreme Court of Missouri · 1889
- Singleton v. St. Louis Mutual InsuranceSupreme Court of Missouri · 1877
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- Strode v. Meyer Bros. Drug Co.Missouri Court of Appeals · 1903
- Bendet v. EllisTennessee Supreme Court · 1907
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