Mutual Life Ins. v. Twyman
Court of Appeals of Kentucky
CASE 59. — ACTION BY THE MUTUAL LIFE INS. CO. OF KENTUCKY AGAINST JAMES C. TWYMAN AND OTHERS TO CANCEL A POLICY OF INSURANCE.— March. 29. Appeal from Fayette Circuit Court. Watts Pahker, Circuit Judge. Judgment for plaintiff.
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CASE 59. — ACTION BY THE MUTUAL LIFE INS. CO. OF KENTUCKY AGAINST JAMES C. TWYMAN AND OTHERS TO CANCEL A POLICY OF INSURANCE.— March. 29. Appeal from Fayette Circuit Court. Watts Pahker, Circuit Judge. Judgment for plaintiff. Defendant appeals. 1. The enforcement of an agreement for surrender and cancellation of a life insurance policy at its cash surrender value upon default in payment of a debt for which it is pledged as collateral, does not work a forfeiture, and is not against public policy. AUTHORITIES CITED. Ky. Statute, section 659; Wirgman v. Miller, 98 Ky. 620; New York Life Ins. Co.…
1Opinion of the Court
OpimoN of the Oourt by
Judge Settle
— Reversing.
In view of tlie importance of the questions involved in this case and the uncertainty of the court as to the correctness of some of the conclusions expressed in its opinion of October 12, 1905 (see Mutual Life Insurance Co. v. Twyman, etc., 89 S. W. 178, 28 Ky. Law Rep. 167), a rehearing was granted upon the court’s own motion, the opinion withdrawn and an oral argument allowed. Since the resubmission of *516the case it lias been duly considered by the full bench, with the result set forth in this opinion,.
The following brief statement of the facts…
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