Palen v. International Lumber & Development Co.

Citations

• 256 Pa. 353
• 100 A. 829
• 1917 Pa. LEXIS 615

Syllabus

<p>Contracts — Stoclc companies — Insurance feature — Right ip recover moneys'paid in — Waiver—Estoppel.</p> <p>Decedent, in her lifetime, made certain contracts with the defendant in the years 1906 and 1907, by which the defendant agreed .to cultivate certain plantations until January 1, 1912, and she agreed to pay a sum of money upon entering into the contracts and a stipulated amount each month until the stock of the company for which she subscribed was paid for in full. It was provided in case she died at any time during the life of the contract, that the defendant would, within sixty days after proof of death, refund all 'money which had been paid by her. There was also a provision that the contracts might be carried out if the heirs, executors and administrators elected so to do, and they might accept full paid stock certificates for the amount paid in. Decedent died July 29, 1911, before the expiration of the contracts, after having paid into the company $1,300. On February 15, 1912, tbc plaintiff, the eseeutrix of the decedent, through her attorney, requested defendant to supply the forms desired for proof of the death of decedent, and informed the defendant of the necessity of converting the certificates into cash in order to settle the estate. Defendant failed to furnish the blanks, and replied to the letter that the insurance feature of the contracts had expired on January 1, 1912, and was no longer in force or effect. Plaintiff accepted dividends paid by the defendant in October, 1911, and February, 1912, the latter however not being paid until February 20, 1912, and having accrued prior to January 1, 1912, the dividends being on the contract but not on the stock. In an action to recover the money paid in by the decedent, held that a recovery for the plaintiff was properly allowed; there was not estoppel by waiver.</p>