Important Insurance Case
SECURITY OF LIFE POLICIES. Melbourne, August 14. An important insurance case is before the Supreme Court. The insurer sued the New Oriental Banking Corporation for the return of a life policy for £IOOO, effected for the benefit of his wife and children. He claimed £3OO damages for the detention of the policy, which matured in 1893, and had been deposited with the Bank in 1889, as the plaintiff alleged, for safe keeping. The defendants (Corporation) refused to surrender the policy on the grounds that the plaintiff was largely indebted to the Bank, and that it had been placed with them as security. Mr Justice Hodges, in giving a verdict for the plaintiff, said under the Married Woman’s Property Act a policy effected for the benefit of a man’s wife and children created a trust, and formed no part of his estate or debts.—Christchurch Press.
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Bibliographic details
Cromwell Argus, Volume XXVII, Issue 1373, 20 August 1895, Page 5
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147Important Insurance Case Cromwell Argus, Volume XXVII, Issue 1373, 20 August 1895, Page 5
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