Merchants' & Miners' Transportation Co. v. Borland
New Jersey Court of Chancery
On demurrer to bill. The defendants are the widow and four children of Robert B. Borland, late a resident of this state, who died insolvent July 15th, 1893. The complainant is a creditor of the deceased by judgment recovered in the State of New York, and the object of the bill is to compel the defendants to pay complainant’s judgment out of certain moneys received by them from certain life-insurance companies, in payment of certain policies of insurance taken out by the…
Read the full summary
On demurrer to bill. The defendants are the widow and four children of Robert B. Borland, late a resident of this state, who died insolvent July 15th, 1893. The complainant is a creditor of the deceased by judgment recovered in the State of New York, and the object of the bill is to compel the defendants to pay complainant’s judgment out of certain moneys received by them from certain life-insurance companies, in payment of certain policies of insurance taken out by the deceased upon his life for the benefit of his-wife and children, the annual premiums upon which were paid by him out of his…
1Opinion of the Court
Pitney, V. C.
There is no mystery or charm about life insurance. It is not a means of creating wealth, nor yet a contract of mere indemnity, as is that of fire and marine insurance. It is, in its most usual form, simply a mode of putting by money for savings. A sum of money is paid half-yearly or yearly, as the case may be, to a corporation, which receives and invests it carefully, and adds to it its yearly earnings, and, in consideration of such payments, agrees to pay the party insured, or such other person as may be named, a sum certain upon his death. The amount so agreed to be paid is…
2Cases cited5 opinions
- Central Bank of Washington v. HumeSupreme Court of the United States · 1888
- Barry v. . Equitable Life Assurance SocietyNew York Court of Appeals · 1875
- Fearn v. WardSupreme Court of Alabama · 1886
- Moehring v. MitchellNew York Court of Chancery · 1846
- Stokes v. . AmermanNew York Court of Appeals · 1890
3Cited by3 opinions
- In Re Estate of KovalyshynNew Jersey Superior Court Appellate Division · 1975
- Borg v. McCroskeryNew Jersey Court of Chancery · 1936
- Goren v. LoebNew Jersey Court of Chancery · 1938