Union Bank v. Spies

One Hugh Blackman was a soliciting agent of the Royal Mutual Life Insurance Company of Des Moines, Iowa. On the 13th of December, 1906, *179the defendant signed á note for $268, payable to the Royal Mutual Life Insurance Company, or Hugh Blackman, and due in thirty days, and delivered the same to Mr. Black-man. On the 21st of December the plaintiff bought the note of Blackman, who duly indorsed it and delivered it to the bank. The note contained the following provision: “In case of the death of the insured before this note falls due, the above amount with interest shall be deducted from the…