Baumgold Bros. v. Schwarzschild Bros.

The issue is whether Special Term properly vacated the sheriff’s levy on defendant’s interest in the proceeds of an insurance policy solely because at the time of the levy defendant, the insured, had not filed proof of loss with the insurer.

Plaintiff, a wholesale jeweler, delivered to defendant, a Virginia corporation, jewelry of the agreed value of $64,119.45 under contract providing that the goods were at defendant’s risk against loss by any cause whatever. Defendant had $50,000 insurance against such loss under the policy in question issued by the Liverpool & London & Globe Insurance…