Taylor v. Southern Bank & Trust Co.

GARDNER, Justice.

Plaintiff, the widow of James A. Taylor, was named the beneficiary in two policies, of insurance on his life, bearing date March 5, 1928, aggregating $15,000. Insured paid the' premiums on these policies except as to the quarterly premiums falling due December 5, 1929, and subsequent thereto. As to said premium due December 5, 1929, insured executed a note to defendant bank for a loan of $265.20, and out of the proceeds said quarterly premiums were paid. Subsequent premiums were paid by defendant. The insured died on June 26, 1930.

Contemporaneously with the execution of the…