Bonistalli v. Bonistalli

Citations

• 269 Pa. 8
• 112 A. 7
• 1920 Pa. LEXIS 745

Syllabus

<p>Partnership — Dissolution—Division of assets — Insurance policy —Bale and assignment of joint policy to one of the partners— Equitable assignment — Insurable interest.</p> <p>1. Where two brothers, who are partners, take out a joint policy of life insurance on their lives, and on dissolution one of the partners purchases the policy at a valuation, and it is included at such valuation in a list of assets which he takes and pays for in a lump sum, taking a receipt therefor, the policy, without further written assignment or transfer on the books of the insurance company, becomes the property of the partner purchasing it, and, upon the death of the brother, he is entitled to the proceeds of it.</p> <p>2. As the policy was properly issued to protect the firm, and as the partners were blood relations and had joint business affairs the purchaser of the policy had an insurable interest in. the life of his brother.</p> <p>3. As the undisputed evidence showed a sale and equitable assignment of the policy, it was reversible error, in a suit by the widow of the deceased brother to recover the proceeds from the assignee, to submit the question of sale and assignment to the jury as one of fact.</p> <p>4. Even if there had been no assignment, the proceeds would have been a firm asset and not the individual property of the deceased brother’s estate.</p>