Mutual Life Ins. Co. of New York v. LiebingAnnotate this Case
259 U.S. 209 (1922)
U.S. Supreme Court
Mutual Life Ins. Co. of New York v. Liebing, 259 U.S. 209 (1922)
Mutual Life Ins. Co. of New York v. Liebing
Argued April 21, 24, 1922
Decided May 29, 1922
259 U.S. 209
1. A law of the state where a life insurance policy was executed, directing temporary continuance of the full insurance by application of a proportion of the net value in case of default in payment of premiums, controls the parties' later loan agreement, made in the
same state on security of the policy and stipulating for cancellation of the policy in case of default in repaying the loan. P. 259 U. S. 213.
2. Where a life insurance policy, executed in Missouri, contained a positive promise by the insurance company to lend upon security of the policy within the limits of its cash surrender value, and a loan agreement was made and consummated through an application delivered to the insurance company's Missouri agency, its transmission to and approval at the company's home office in New York, discharge there of a past due premium and issuance of a receipt therefor, transmission of the receipt and the company's check for the balance of the loan to the company's Missouri agent, and their delivery in Missouri by such agent to the insured, who cashed the check, held that the agreement was made in Missouri and governed by the Missouri law. P. 259 U. S. 214. New York Life Insurance Co. v. Dodge,246 U. S. 357, distinguished.
226 S.W. 897 affirmed.
Error to a judgment against the plaintiff in error recovered in an action upon a life insurance policy.