Chambers v. Massachusetts Mutual Life Insurance

McCurn, P. J. (dissenting).

In my view of it the attempted forfeiture was premature and therefore ineffective. The policy provides: ‘ ‘ Failure to repay a policy loan or premium loan, or to pay interest thereon, shall not avoid the policy unless the *109total indebtedness thereon including accrued interest shall equal or exceed the loan value at the time of such failure, nor until thirty-one days after notice has been mailed ” (emphasis supplied). The loan certificate provides: “ Second. That said loan shall bear interest at the rate of six per cent, per annum payable semi-annually on the first…