Ellis v. Kreutzinger
Supreme Court of Missouri
Appeal from, St. Louis Court of Common Pleas. One Kreutzinger was indebted to the firm of Ellis & Ca-vender, as a security for which said firm held a mortgage on his stock of goods. Kreutzinger also delivered to said firm, as a security for said indebtedness, a policy of insurance on said stock of goods, executed in his favor by the St. Louis Mutual Fire and Marine Insurance Company of St. Louis.
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Appeal from, St. Louis Court of Common Pleas. One Kreutzinger was indebted to the firm of Ellis & Ca-vender, as a security for which said firm held a mortgage on his stock of goods. Kreutzinger also delivered to said firm, as a security for said indebtedness, a policy of insurance on said stock of goods, executed in his favor by the St. Louis Mutual Fire and Marine Insurance Company of St. Louis. Said Kreutzinger was also indebted to the firm of Douglass, Gazzam & Co. and to that of Fallenstein & Gauss. The goods were lost by fire. After the loss, an assignment of the policy was made upon the…
1Opinion of the CourtNapton, Judge
The authorities are very clear that the deposit of a policy of insurance with a creditor of the assured, as a security, collateral or original, for the debt, gives the creditor a lien on the proceeds of the policy, which is binding upon the underwriters and upon the assured, and upon all those who take an interest from the assured with notice of such lien. (1 Phill. Ins. § 98; 2 Duer, § 36; 10 Serg. & R. 412.)
The clause in this policy, which prohibits an assignment of the policy without the consent in writing of the company, does not apply to a deposit of the policy by way of pledge. The…
2Cited by19 opinions
- Griffey v. New York Central InsuranceNew York Court of Appeals · 1885
- Cromwell v. . the Brooklyn Fire Ins. Co.New York Court of Appeals · 1870
- Bentley v. Standard Fire InsuranceWest Virginia Supreme Court · 1895
- Dickey, Tansley & Co. v. Pocomoke City National BankCourt of Appeals of Maryland · 1899
- Allen v. Phoenix Assurance Co.Idaho Supreme Court · 1906
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