New York Life Insurance v. Bancroft

This case grows out of these facts: Appellant issued a policy of life insurance in favor of Frederick H. Rand, Jr., payable to his estate. The policy was assigned by the insured to the City National Bank of Miami. Rand died in 1934 and 'appellee, C. H. Bancroft, as receiver of Rand’s assignee, brought an action at law against appellant, as defendant below, to recover the proceeds of the policy. Ruth Rand West, the sole surviving heir of the insured, also claimed the proceeds of the policy by right of inheritance under the statute of descents.

In April, 1935, appellant filed its bill of…