McBride v. Clayton

BREWSTER, Commissioner.

Martin McBride was president and owner of 56 per cent of the capital stock of W. M. McBride, Inc., which operated retail merchandizing stores at Greenville and other cities under a charter of date December 29, 1926, declaring that it was formed “for the purpose of the purchase and sale of goods, wares and merchandise and for the transaction of general retail mercantile businesses.” On March 1, 1932, Southwestern Life Insurance Company issued policies Nos. 288911 and 288912 for *127$10,000 and $15,000, respectively, on the life of McBride with W. M. McBride, Inc., as…