Magee v. Bank of Hattiesburg & Trust Co.

Citations

• 134 Miss. 126
• 98 So. 541
• 1923 Miss. LEXIS 243

Syllabus

<p>1. Insurance. Will held not to operate as substitution of legatees as beneficiaries in testator’s life, policy payable to estate.'</p> <p>The last will and testament of a testator does not operate as a substitution of the legatees under the will as the beneficiaries in a policy of insurance on' the life of the testator which is payable to his executors, administrators, or assigns.</p> <p>2. Insurance. Each distributee entitled to exemption of only pro rata share of exempt life insurance.</p> <p>Chapter 186, Daws of 1922, exempting the proceeds of life insurance not exceeding five thousand dollars payable to the executor or administrator of the insured, from liability to the creditors of the decedent, should be so construed as to give each distributee sufficient only to make the whole insurance money received by him on the life of the decedent equal to his ratable share of five thousand dollars.</p>