Citizens Nat. Bank v. Yazoo Grocery Co.

Citations

• 113 Miss. 87
• 73 So. 877

Syllabus

<p>Featjdtjlent Conveyances. Assignment of insurance policy. Statute.</p> <p>Under Acts 1908, chapter 100, section 2, requiring the holder of insurance policies upon a stock of merchandise destroyed' by fire to notify his creditors for merchandise, within five days, of the loss, and the amount of insurance carried, and providing that no such policy shall be assigned for ten days after such notice, nor insurance paid for fifteen days after the fire, where the holder of a fire insurance policy on merchandise assigned the proceeds of the policy, eight days after the merchandise was totally destroyed by fire, to one of his creditors without giving notice to other creditors and the policy was paid less than fifteen days after the fire, in such case the assignee creditor was a trustee of the funds so paid him for the benefit of all the creditors of insured, including such assignee, it being the intention of such statute to protect all creditors of insured.</p>