Howe v. Hagan (110 A.D. 392, 1905)

Houghton, J.:

Petér M. Sillcock died leaving three policies of insurance upon his life’, aggregating $15,000, issued by the. Equitable: Life Assurance Society of the United States. Prior to .his death he had pledged them, to the Equitable Trust Company as collateral security for a loan of $2,400.

Upon his death the plaintiff, claiming to be the owner of such policies, brought an action against the insurance company to recover their amount. . The defendants also made claim on such policies individually, and "the defendant Hagan, as administratrix of the deceased, and the insurance company was permitted by order to make deposit of the moneys, less the sum due to the Equitable Trust Company upon its loan, and these defendants to intervene to the end that the respective claims of the parties hereto might be" determined. Plaintiff then served .an amended complaint, which alleged that she was entitled to all of such moneys under an assignment from Sillcock to her. And the defendants by their answer alleged, “ That prior to any assignment of the policies * * * mentioned and set forth in the said complaint and therein alleged to be assigned to the said plaintiff, the said Peter M. Sillcock duly assigned said policies to these defendants, Caroline S. Hagan, Susan M. Chase and John J. Sillcock who became entitled thereto,” and denied any knowledge or information sufficient to form a belief as to the validity of the assignment under which the plaintiff .claimed. There was. also alleged the insolvency of Peter M. Sillcock at the time of his death.

Upon the issues thus formed the parties went to trial, on which the plaintiff, to establish her cause of action, introduced in evidence an assignment to her of the policies in question, written upon the back of a letter dated January 9, 1902, to Sillcock from the American Deposit and Loan Company (which subsequently became the Equitable,Trust Company) which described the policiés as having been pledged as collateral security for the payment of the loan of $2,400..- The assignment, which was undated, read as follows: “ I assign all right and title to the policies mentioned on the reverse side of this receipt to my affianced wife, Katherine B. Howe.” (Signed.) She also introduced in evidence a statement written by the deceased, declaring that he had assigned the policies to her, and had pledged them with her consent to secure' such loan. Ho proof was offered nor was any claim made that there was any consideration for this assignment other than that the plaintiff, at the time it was made, was the affianced wife of the' deceased.

The.defendants, to support the allegations of their answer, introduced in evidence a copy of an assignment, the original having been lost, reading as follows:

“Dec, 12, 1899.

“ In consideration of the loans of bonds, stocks,