Shaak v. Meily

Citations

• 136 Pa. 161
• 26 W.N.C. 569
• 20 A. 515
• 1890 Pa. LEXIS 1021

Syllabus

<p>(a) In a suit by the administrator of the insured to recover from an assignee of a life insurance policy the money collected thereon by the defendant from the insurance company, the defendant alleged that he received the assignment in consideration, in part, of a debt due to a firm of which he was a member:</p> <p>1. It being shown that, at the time of receiving the assignment, the debt due to the firm was charged upon the firm books against the defendant and assumed by him, and that his partner would be under no liability to him should a recovery be had in this suit, the partner was a competent witness for the defendant.</p> <p>2. When a life policy is issued to a creditor who holds it as security for his debt, the insured having a resulting equitable interest therein, a parol equitable assignment of such interest by the insured to another creditor, perfected by a transfer of the legal title from the beneficiary, may be valid as against the administrator of the insured.</p> <p>3. In an action by the administrator of the insured against such assignee, for the proceeds of the policy collected by him, proof of the fact that, before the assignment of it to the defendant, the beneficiary named in the policy had made a general assignment for the benefit of creditors, will not in any way aid a recovery by the plaintiff.</p>