In re Dolan

• Decision Date: 30 November 1910
• Citation: 182 F. 949
• Parties: In re DOLAN.
• Court: U.S. District Court — Eastern District of Pennsylvania

182 F. 949

In re DOLAN.

United States District Court, E.D. Pennsylvania.

November 30, 1910

Harry M. McCaughey, for trustee.

J Joseph Stratton, for bankrupt.

J. B McPHERSON, District Judge.

In December, 1903, the bankrupt took out a 20-year endowment policy in the Prudential Insurance Company of America for $10,000, payable to herself, or, in the event of her death during the endowment period, to her executors administrators, or assigns. The application contained the following question and answer:

'Q. Do you wish the privilege of changing the beneficiary at any time, if the policy or any interest therein be not then assigned? A. Yes.' And the policy contained, inter alia, the following provisions:

'Cash Surrender Value.-- If this policy be legally surrendered to the company within three months from the end of the second year from its date or of any year thereafter, and all premiums, required by the terms of the policy, to the end of that year have been paid in full, the company will pay therefor the sum indicated by the following table.'

In this table a column shows the cash surrender value of the policy at the end of each year.

'Change of Beneficiary.-- The insured may at any time while this policy is in force, by written notice to the company at its home office, change the beneficiary or beneficiaries under this policy, such change to take effect only upon indorsement of the same on the policy by the company, whereupon all rights of the former beneficiary or beneficiaries shall cease; provided, however, that no such change of beneficiary shall be valid if the policy or any interest therein be assigned at the time of such change.'

'Assignments.-- If this policy shall be assigned, the assignment must be in writing, and the company shall not be deemed to have knowledge of such assignment unless the original or a duplicate thereof is filed at the home office of the company and its receipt duly acknowledged. The company will not assume any responsibility for the validity of an assignment.'

On July 28, 1908, the insured signed the following paper:

'Request for Amendment of Ordinary Policy Contract. Ordinary Policy Department.

'July 28th, 1908.

'The Prudential Insurance Company of America is hereby authorized and requested to amend contract for insurance on the life of Catharine A. Dolan under policy No. 501701, issued the 3d day of December, 1903, as follows:

'Make policy payable in case of the death of the insured prior to the expiration of the endowment period to her children Rose M. Dolan, Thomas D. Dolan, Katharine C. Dolan, Gerald J. Dolan, John E. Dolan, and Joseph Dolan, share and share alike, or the survivors or survivor, if any, otherwise to the executors, administrators or assigns of the insured. And in consideration thereof, it is hereby agreed that these changes shall be an amendment to and form a part of the original application and policy, and also that the unpaid portion of any

...