Pittsburgh Underwriter's v. Mutual Life Insurance Co. of New York

Opinion by

Hirt, J.,

Pittsburgh Underwriters wrote policies of insurance and Morris Wechsler was one of its brokers. In the course of their dealings, Wechsler became indebted to this plaintiff for a total of $3,500. To secure any balance remaining unpaid, in the event of Wechsler’s death, defendant company on May 12, 1935 issued an insurance policy upon Wechsler’s life in the sum of $3,500. By its terms defendant agreed to ‘pay to the Insured’s Creditor, Pittsburgh Underwriters, its successors or assigns as its interest may appear, balance, if any, or the whole amount payable if the said…