Burridge v. New York Life Insurance
Supreme Court of Missouri
Appeal from St. Louis City Circuit Court. — Ron. Moses N. Sale, Judge. (1) The assignment and delivery of the policy to the company was a pledge of the reserve value of the policy for payment of the loan, under a distinct and separate contract of pledge, valid and enforcible both under the laws of New York and Missouri, and the non-forfeiture provisions of the Missouri statutes are inapplicable.
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Appeal from St. Louis City Circuit Court. — Ron. Moses N. Sale, Judge. (1) The assignment and delivery of the policy to the company was a pledge of the reserve value of the policy for payment of the loan, under a distinct and separate contract of pledge, valid and enforcible both under the laws of New York and Missouri, and the non-forfeiture provisions of the Missouri statutes are inapplicable. Secs. 7880-7882, R. S. 1899', recognizing and authorizing loans by insurance companies upon securities of policies; sec. 16, ch. 690, Laws of New York, 1892. (2) The case of Smith v. Mutual Benefit…
1Opinion of the CourtLamm, J.
— Defendant is a life insurance company incorporated in the State of New York. At the times in hand John II. Reifsnyder was a resident and citizen of Missouri and so was his wife, Frances A. On February 20, 1894, defendant, as insurer, issued to John H. Reifsnyder, as the insured, a policy for five thousand dollars, naming his said wife as beneficiary. Her right was absolute, i. e., the policy itself contained no provision permitting the insured to change the beneficiary. The application for it was made to défendant’s St. Louis agent. The policy was delivered by him in St. Louis and the case…
2Cases cited7 opinions
- Waters-Pierce Oil Co. v. TexasSupreme Court of the United States · 1900
- Klein v. Insurance Co.Supreme Court of the United States · 1881
- New York Life Insurance v. CravensSupreme Court of the United States · 1900
- Cravens v. New York Life InsuranceSupreme Court of Missouri · 1899
- Security Mutual Life Insurance v. PrewittSupreme Court of the United States · 1906
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3Cited by25 opinions
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- New York Life Ins. v. ScheuerSupreme Court of Alabama · 1916
- Kimball v. New York Life InsuranceSupreme Court of Vermont · 1924
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