Jones v. Patty

Citations

• 73 Miss. 179

Syllabus

<p>1. Life Insurance. Proceeds belong to beneficiary. Exemption. Code 1893, l 1964; code 1880, \\ 1361.</p> <p>The proceeds of life insurance policies payable at death to the wife of the insured are not, upon his death, assets of his estate, but belong to the wife, and she and the sureties on her bond as administratrix of his estate are not liable as for a devastavit by reason of her having appropriated the whole amount, which included the sum of $3,000 in excess of the $10,000 exempted by statute from liability for his debts. Code 1893, g 1964; code 1880, \\ 1361.</p> <p>3. Same. Pleading. Insufficient amerments of bill. Case.</p> <p>Creditors of a decedent who proceed by bill in equity against his wife and the sureties on her bond as administratrix of his estate, seeking a recovery for a devastavit in respect to so much of the proceeds of policies of insurance on his life, payable to her at his death, as exceeds the $10,000 exempted by statute from liability for his debts, are entitled to no relief where the bill does not seek to subject the avails of the insurance for money illegally invested in the policies by the decedent, but proceeds on the theory that, because he paid the premiums, the policies were his, and their avails assets of his estate, and fails to alleg-e that he was insolvent when the premiums were paid, or when and in what amounts they were paid, or that the complainants were then his creditors.</p> <p>3. Same. Benevolent orders. Contracts insuring members. Provisions therein for exemption of proceeds.</p> <p>The conclusion that creditors of the decedent were precluded from resorting to the proceeds of his life insurance because of the fact that $5,000 of the $13,000 received on account thereof by the wife was from benevolent orders, by whose charters and by-laws it is provided that the proceeds of their policies or certificates shall not be subject to the debts of the insured, is not involved in the decision herein, or conceded to be correct.</p>