Yale & Bowling v. McLaurin

Citations

• 66 Miss. 461

Syllabus

<p>1. Exemption. Life insurance policy.</p> <p>The code of 1880, ?¿ 1261, provides that “the amount of any life insurance policy, not exceeding ten thousand dollars, upon any one life shall enure to-the party or parties named as the beneficiaries thereof, freed from all liability for the debt of the person paying the premiums thereon.”</p> <p>2. Same. Code 1880, \\ 1261, construed.</p> <p>The purpose of this statute is to secure to the beneficiary of such policy the proceeds thereof, freed from liability for the debts of another, who has paid the premiums thereon.</p> <p>3. Exemption op Lipe Policy; Who May Claim.</p> <p>If the beneficiary is “ the person paying the premiums thereon,” he cannot, on that ground, claim the exemption under the above statute as against his creditors. ITe holds the proceeds as any other property and subject to the same liability as though this statute did not exist.</p>