LIFE INSURANCE ACT

Press, Volume LXX, Issue 21120, 22 March 1934, Page 7

LIFE INSURANCE ACT

i | OKK.INA l INi; SI MMONS IN | ( (HRT OP AIM'F. AI • I rn»- - i- ' r» u* • I j WPI.I.INGTO.W March '.'l. ' 1"!■ Court if Appeal considered iiu 'irip.iiiatinu sll;~.nn>'■ issued m pursuamt of the w: 11 of 15er! Trrmam. ot I'etone builder, who died about July Inr. 1 Plain! ifT is I.nuia Margaret , T:ri:m:n. the widow, ard the Public ' Tru.-'loe is drfrndrii't. t Ti,-inai:i 1r! l a w>H app l >'Ut it;;; the j Public Trustee his executor. and bo- | qiicatiiin- hi? wli"lc estate to lis- wife. 1 At the date <>i death he was mdeb.ed In the (.'on inenaal Hank fur m overdraft for which the bank hold a o\or Mvn pieces t >i land. nr.d a. hfe insurance pnhry in the •\t: -ha! ia:! .Mutual Piovident Society tranMerrcd to it. AIU r Tromnhfs j clt at i i the bank did not realise on; ii-t nvutuaue over lito IsuuK Init in i December. ISJ32. received ft em S'C.ctv Ka 1 pavab'e under the policy. | and ell' of 1 hj- >•!'!! d;- char;;* il tinwiiole i.f Trcmain's liability l>> 't. i nana iv .K}(u. The estate pmved in-j si'hint. there bone.: a deficiency of approximately .U ">7(Hi. Plaint dT that bv erlne of. {ln* lucirrli'in afforded I»v tl:o I.ife Insurance Acts, if the policy or mcair- ; iincr had net been transferred to (Tie . bank, .air would have boon entitled to i I'ceivu all tn.e moneys payable undei the poinot with-tandin'4 the ex;-:rnee of un.-' cured crcditers. Furtheimore. n eu'iyiiiumre ol the bank bavin:; elector! to realise it'sectuity over the policy iby which j she had almost wholly been deprived j iif benefit ironi in she claims she e- : entitled to marshal securities held by

tho bank. and requires that the proceed- (if the fall- by the Public Trn<lee of lands formerly held by the bank a- security should Lie applied in ' t'i to her the loss sustained by the bank's election. 1 The original itu; stnoniens n-U k ' whether her contentions arc correct. Decision was rosrr\ed.