Anthracite Insurance v. Sears
Massachusetts Supreme Judicial Court
Bill in equity, filed June 9,1871, under the Gen. Sts. a. 113, § 2, by a corporation established under the laws of Pennsylvania, against Richard W. Sears, residing in this Commonwealth, and the Mutual Life Insurance Company, a corporation established in the city of New York under the law of the state of New York; to reach and apply in payment of a debt, owed by Sears to the plaintiffs, a policy of insurance on his life, issued to him by the defendant corporation on September…
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Bill in equity, filed June 9,1871, under the Gen. Sts. a. 113, § 2, by a corporation established under the laws of Pennsylvania, against Richard W. Sears, residing in this Commonwealth, and the Mutual Life Insurance Company, a corporation established in the city of New York under the law of the state of New York; to reach and apply in payment of a debt, owed by Sears to the plaintiffs, a policy of insurance on his life, issued to him by the defendant corporation on September 3, 1863. The case was reserved by Ames, J., for the determination of the full court, on the bill, answer and agreed…
1Opinion of the CourtChapman, C. J.
The policy is admitted to be the property of Sears. It is by its terms assignable, the only condition being that written notice of the assignment shall be given to the company, and due proof of interest produced with proof of death. It was issued by the Mutual Life Insurance Company of New York, and it is admitted that the company is in the habit of tak ing up such policies when they and the holder can agree upon the value. It is an assignable chose in action. Palmer v. Merrill, 6 Cush. 282. St. John v. American Insurance Co. 3 Kernan, 31. And such instruments have a market value, and are…
2Cases cited1 opinion
- Barry v. AbbotMassachusetts Supreme Judicial Court · 1868
3Cited by12 opinions
- Guarantee Loan & Trust Co. v. FayWashington Supreme Court · 1896
- McCann v. RandallMassachusetts Supreme Judicial Court · 1888
- Phœnix Insurance v. AbbottMassachusetts Supreme Judicial Court · 1879
- Boisseau v. Bass' AdministratorSupreme Court of Virginia · 1902
- Isaac Van Dyke Co. v. MollMichigan Supreme Court · 1928
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