John Gordon Morgan v. E. J. Evans Company

TUTTLE, Circuit Judge.

In 1937 John Gordon Morgan was a stockholder, officer and director of the E. J. Evans Company. On January 7th of that year, on an application signed by him, a policy of endowment and life insurance was issued on Morgan’s life. All premiums were paid by the Evans Company. The beneficiary provisions were as follows:

“ — The E. J. Evans Company, Incorporated, Van Wert, Ohio — (herein called the Beneficiary).

“Upon receipt of due proof of the death of the Insured before the maturity of this Policy as an endow-m,ent * * *.” (Emphasis added.)

Endowment provisions were as follows:

“…