Baker v. Keet-Rountree Dry Goods Co.
| Citation | 3 S.W.2d 1003,318 Mo. 969 |
| Decision Date | 04 February 1928 |
| Docket Number | 25957 |
| Parties | Carrie D. Baker, Executrix of Last Will of Milton C. Baker, v. Keet-Rountree Dry Goods Company, Appellant |
| Court | United States State Supreme Court of Missouri |
Reported at 318 Mo. 969 at 989.
Original Opinion of February 4, 1928, Reported at 318 Mo. 969.
Mann & Mann, of Springfield, for appellant.
W. D Tatlow, of Springfield, for respondent.
WHITE
On Motion for Rehearing.
The motion of appellant for rehearing elaborately reargues the case and presents one point upon which perhaps the opinion was not sufficiently clear. It is complained that we misconceived appellant's position when we held that it took no account of the expression "balance if any," in each policy, and on its theory it took all the proceeds of the policy or none.
It has been strenuously contended from the start that defendant's insurable interest in Baker's life was in the value of his services and nothing else; that if his connection with the Dry Goods Company should be severed "for any other cause than death . . . then the insurable interest would cease."
If that means anything it means that while two beneficiaries are named, only one could have an insurable interest at the death; which one would depend upon Baker's continued connection with the company. The conclusion is inevitable that either the company or Baker's estate would take all the proceeds of the policy as beneficiary, or none, and that the interest of the company would not be capable of computation, but would be liquidated in the sum named in the policy. It is now argued that in adjustment of the loss there is always computation and a "balance" struck.
The terms of the contract contemplate only a balance upon an adjustment between beneficiaries. It does not mean a balance after considering loans, advances, pledges and the like. They would be determined by the agreements and circumstances attending such collateral incidents, occurring after the contracts were written.
"To Keet-Rountree Dry Goods Company, its successors and assigns as its interest may appear; balance if any to the insured's executors, administrator or assigns, beneficiaries."
Balance of what? The face of the policy; the amount due the beneficiaries. Balance after what is deducted? No balance is provided for except to insured's estate, after the insurable interest of the Dry Goods Company is settled. "As its interest may appear," it gets the money to settle that interest, and then the "balance if any" goes to the insured's executors. The interest which must appear in order to leave a balance over, is the company's interest as beneficiary. That is the contract.
On appellant's theory, if it has an insurable interest it gets it all. There could be no balance of the fund to pay to the other beneficiary as such.
It is now said that a balance was struck when the judgment was rendered in this case...
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