Evans v. Bulman

On March 2nd, 1891, Durant D. Bulman assigned to the appellant, as security for a cash loan of $250, a policy of insurance on his own life for $1,200, issued by the Mutual Life Insurance Company of New York. The assignment was in writing and was absolute in form, but a cotemporaneous receipt given by the appellant to Bulman stated that the assignment had been made as security for the loan.

At the time the loan was made Bulman was indebted upon open account for merchandise to the appellant, who was a dealer in marble, and the $250 loan was charged to the former upon the books of the latter as…