New York Life Ins. v. Brown

PARKER, Circuit Judge.

This is an appeal from a judgment for plaintiff in an action to recover damages for breach of contract with respect to three policies of life insurance issued by the New York Life Ins. Co. upon the life of one Robert N. Brown and payable to his estate. The policies had been assigned to a bank and the assignee had borrowed from the company their full loan value. When interest was not paid on the loans and no further premiums were paid, the company, acting under the provisions of the policies and the loan notes, granted extended term insurance; but insured died after this…