Feliciana Bank & Trust Co. v. Union Cent. Life Ins.
Supreme Court of Louisiana
Appeal from Twenty-Second Judicial District Court, Parish of East Baton Rouge; H. F. Brunot, Judge. Action by the Feliciana Bank & Trust Company, in liquidation, against the Union Central Life; Insurance Company, of Cincinnati, Ohio. Judgment for plaintiff, and defendant appeals.
1Opinion of the CourtProvosty, J.
For the security of the payment of certain notes which he executed in favor of the plaintiff bank, one Harrison pledged to the bank a $10,000 life insurance policy issued on his life by the defendant company and payable to his executors, administrators, and assigns. I-Iarrison, under the terms of the policy, had the right to assign it. The pledge was made in the usual form of bank pledges, giving the pledgee the right, in the event of nonpayment, to sell the thing pledged, at public or private sale, and apply the proceeds to the payment of the secured debt. The notes not having been paid at…
2Cited by5 opinions
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