Broderick v. Stecher

Motion by the Superintendent of Banks as a judgment creditor to obtain the cash surrender value on a certain industrial insurance policy issued by the Metropolitan Life Insurance Company on the life of the judgment debtor is denied This is not a case where the insurance company, as third party, has an acknowledged indebtedness to the judgment debtor and is. ready and willing to pay it to him or to any one else entitled thereto. Here, the insurance company takes the position (a) that its obligation -to pay the surrender value depends upon a written application for such surrender made by the…