Pollock's Administrator v. Smith
Court of Appeals of Kentucky
Case 80 — ACTION ON INSURANCE1 POLICY — INTERPLEADER— APPEAL EROM CARLISLE CIRCUIT COURT. 1. When a debt is barred hy limitation, the lien (in this case a pledge of life insurance policy as collateral security) is also barred. Colebrook on Collateral Secureties, section 157; Mc-Cracken County v. Mercantile Trust Co., 84 Ky., 344; First National Bank v. Thomas, 8 Ky.
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Case 80 — ACTION ON INSURANCE1 POLICY — INTERPLEADER— APPEAL EROM CARLISLE CIRCUIT COURT. 1. When a debt is barred hy limitation, the lien (in this case a pledge of life insurance policy as collateral security) is also barred. Colebrook on Collateral Secureties, section 157; Mc-Cracken County v. Mercantile Trust Co., 84 Ky., 344; First National Bank v. Thomas, 8 Ky. Law Rep., 690; s. c. 3 S. W. R., 12; Tate v. Hawkins, 81 Ky., 577. 2. A demand of more than twenty years standing is presumed to be paid, and a party seeking to enforce such demand must account for the delay and show by explicit…
1Opinion of the Court
JUDGE HOBSON
delivered the opinion of the court.
Robert M. Pollock had two policies of insurance on his life, each for $5,000. He was indebted to appellee in the sum of $7,000, for which judgment had been recovered some years before. Being unable to pay the debt, on November 2, 1870, he assigned one of these policies to appellee, and on April 9, 1877, the other. This assignment was assented to by the company, and was in these words: “For value received, I do hereby assign, transfer, and set over unto Dorrel B. Smith, of Todd county, Kentucky, the above named policy of insurance, and all sum or…
2Cited by7 opinions
- Mercer National Bank v. White'sCourt of Appeals of Kentucky (pre-1976) · 1930
- Hodge v. TruaxWashington Supreme Court · 1935
- Gallaher v. American-Amicable Life Ins. Co.Court of Appeals of Texas · 1971
- Wagner v. Mutual Life InsuranceSupreme Court of Connecticut · 1914
- Herman Goepper & Co. v. Phoenix Brewing Co.Court of Appeals of Kentucky · 1903
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