Equitable Life Assurance Society of the United States v. DeLisle

The plaintiff sues in separate counts on three loan agreements signed by the defendants. The defendant Olive DeLisle is the assured and the other defendants are the beneficiaries in the three separate insurance policies involved here, all issued by the plaintiff. The loan agreements sued on were given May 18, 1908 in connection with a pledge of these policies, each pledging the corresponding policy as collateral security. On the date mentioned, these policies were all alive with the premiums paid up, and each possessing a considerable reserve value forming a basis for a surrender or loan…