Carson v. Vicksburg Bank

Citations

• 75 Miss. 167

Syllabus

<p>1. Mutual Insurance. Knights of Pythias. Benefit certificate. Laws of the society. Beneficiary.</p> <p>The rights of a beneficiary named in a certificate of a benevolent society, such as the Knights of Pythias, are inchoate, imperfect and ambulatory until the death of the member holding the endowment certificate. Such íúght is a mere expectancy, liable to be defeated by a change of appointment legally made.</p> <p>3. Same. Trustee. Creditors.</p> <p>If the holder of an endowment certificate in the Knights of Pythias substitutes a new beneficiary, not intending him to take the fund as his own, but to receive it as a trustee for creditors, the previous beneficiary loses all right as a designated beneficiary, but, under the laws of the order, the creditors can receive no benefit therefrom.</p> <p>3. Same. Widow and children.</p> <p>If, in such case, the money be paid by the order, the trustee beneficiary, under the laws of the order, will hold the fund for the benefit of decedent’s widow and children, even where the widow was the beneficiary named in the original certificate.</p>