Scheid v. Storch

Citations

• 271 Pa. 496
• 115 A. 841
• 1922 Pa. LEXIS 744

Syllabus

<p>Insurance — Life insurance — Assignment of policy — Equitable assignment — Partners—Declarations as to ownership — Will as evidence — Waiver of defense by payment into court.</p> <p>1. Where policies of life insurance are taken out on the lives of two partners, who are cousins, each payable to the other, designated as “partner of insured,” and the premiums are paid by the .partnership until it is dissolved, when each continues to pay the premiums on his respective policy, and it appears that there had been a parol delivery of the policies, after the dissolution, to the respective persons insured, under circumstances which indicated an intention to vest the ownership of each policy in the person insured under it, the executors of one of the late partners is entitled to the proceeds of the policy under which the deceased was insured, as against the other partner.</p> <p>2. The delivery of the policy constituted an equitable assignment, and was just as effective as if a formal assignment had been made.</p> <p>S. The neglect of the deceased to substitute another beneficiary in place of his late partner was immaterial.</p> <p>4. So also it was immaterial that the deceased substituted the name of his wife in place of his partner in another policy on his own life in a different company.</p> <p>5. A will of the deceased showing that he had given legacies to other relatives further removed by blood than his cousin and partner, is inadmissible for the purpose of indicating that the cousin had been Aft out because the testator intended that the policy should be paid to him, inasmuch as no one could know what wa3 in testator’s mind at the time the will was executed, save as it affirmatively speaks his purpose.</p> <p>6. In such case, a list, prepared by deceased, of his insurance policies, with the policy in question among them, was properly received in evidence as a declaration by him of ownership.</p> <p>7. Declarations as to ownership by a person in possession of personal