American Trust Co. v. Vincent

Citations

• 35 Ohio C.C. Dec. 200
• 25 Ohio C.C. (n.s.) 132

Syllabus

<p>GIFTS</p> <p>Gifts in Praesenti are Invalid when not Accompanied by Unconditional Delivery.</p> <p>When at the same time that life insurance policies are assigned and delivered to a person, the assignor executes and delivers to the assignee his promissory note due with interest at a fixed time after date, and at the same time an agreement is executed in which it is recited that the assignor has borrowed from the assignee the amount for which the note is given and assigned to her certain insurance policies as collateral security, which were to be hers absolutely in case the assignor died before the assignee — Held: The three acts constitute one entire transaction of a commercial nature, and that the assignment and delivery of the insurance policies does not amount to a gift in praesenti.</p>