San Francisco Savings Union v. Long

Citations

• 6 Cal. Unrep. 60
• 53 P. 907
• 1898 Cal. LEXIS 1092

Syllabus

<p>Mutual Life Insurance—Deposit of Funds—Lien.—Under Statutes of 1891, page 126, section 2, compelling mutual assessment life insurance companies to deposit a fund for the protection of policyholders, and section 4, providing that the beneficiaries shall have a lien on all property of the corporation, with priority over all indebtedness thereafter incurred, one who was entitled to payment of a death benefit at the time the statute became effective had a lien on such deposit as soon as it was made, the protection of the lien being not restricted to after-incurred debts.</p> <p>Life Insurance—Subrogation.—Where Sureties for a Life Insurance Company were obliged to pay a death benefit, they are entitled to be subrogated to a lien in favor of the beneficiary on a fund created for the protection of policy-holders.</p> <p>Mutual Life Insurance Company.—Where the Holder of a Deposit Created under Statutes, of 1891, page 126, section 2, providing that assessment life insurance corporations shall deposit a certain sum for the protection of policy-holders, had brought an action to inter-plead various claimants to such fund, it was proper to permit a party who claimed the right to enforce a beneficiary’s lien on such fund to assert such lien in the same action, and not to relegate him to a creditors’ bill or a writ of execution.</p> <p>Subrogation—Assignment of Bight.—The Bight of Sureties to be subrogated to a lien on their principal’s property may be assigned.</p> <p>Subrogation.—Where Sureties had Paid Part of a Judgment against the principal, which had paid the balance itself, and were entitled to be subrogated to a lien against the principal, the enforcement by their assignee of such lien to the amount paid by them is a single demand, and not obnoxious to the rule against splitting demands.</p> <p>Subrogation.—A Surety Who has not Contributed to the Payment of the principal’s judgment debt is not a necessary party to the determination of a right of lien claimed by the as