Newcomb v. Launtz

Citations

• 89 Ill. 144

Syllabus

<p>1. Money had and received—when may he recovered hack. Where a person leaves money with another with directions to apply the same as premiums on life insurance for him, the person receiving the money having no vested interest therein, the one so making the deposit may, at any time before the directions are acted upon, demand its return, and upon refusal, recover under the counts for money had and received to his use.</p> <p>2. But if money is left with an insurance agent to be applied as premiums on risks of life insurance by the agent, as a. mode of compensating him for procuring a large loan of money from the insurance company the agent represents, the agent will have a vested interest in the money, and the person so depositing the same can not, of his own volition, and without the agent’s consent, abrogate the contract, and recover back the money under the common counts in assumpsit. His rights, if any, must be enforced under the special contract.</p>