Jackson Bank v. Williams

Citations

• 77 Miss. 398

Syllabus

<p>Í. Lira Insubance. Ownership of poMcy. Common law.</p> <p>A life insurance policy designating a beneficiary is the property of the beneficiary the moment of its issuance, whether then delivered to him or not.</p> <p>2. Same. Statute. Code 1892, § 1964.</p> <p>Under code 1892, g 1964, providing that the proceeds of life in- - surance policies shall inure to the beneficiaries therein, such policies are the absolute property, of the beneficiaries. j</p> <p>3. Same. Power to trausfer. Deed. Will.</p> <p>The procurer of a life insurance policy designating, another a& beneficiary has no power, without the beneficiary’s consent, to transfer any interest in it to a third party by deed or will.</p>