Macaulay v. Central National Bank

Citations

• 27 S.C. 215
• 3 S.E. 193
• 1887 S.C. LEXIS 119

Syllabus

<p>1. In action by the beneficiaries under a policy of life insurance against a bank for the possession of the policy, conversations and transactions by the president and cashier of the bank with the assured, since deceased, are not incompetent testimony against the plaintiffs under section 400 of the Code.</p> <p>2. “Where a policy of life insurance -was payable on the death of the assured to R., the wife of the assured, and to C. and J., his children, share and share alike, or their legal representatives, the parties named took a vested interest; and upon the death of J. in infancy, in the life-time of the assured, his share was divisible under the statute between his distributees, including his father, the assured.</p> <p>3. The interest thus derived of the assured in this policy, might be verbally pledged by him as collateral security for the payment of a debt.</p> <p>4. Matters not excepted to on Circuit are not properly before this court for review.</p>