McLaughlin v. Equitable Life Assur. Soc of the U.S.
| Decision Date | 31 January 1933 |
| Docket Number | No. 121.,121. |
| Citation | 164 A. 579 |
| Parties | MCLAUGHLIN v. EQUITABLE LIFE ASSUR. SOC OF THE UNITED STATES. |
| Court | New Jersey Supreme Court |
Appeal from Court of Chancery.
Suit by John Francis McLaushlin, an infant, by his next friend, Kathleen M. McLaughlin, against the Equitable Life Assurance Society of the United States. Decree for complainant, and defendant appeals.
Reversed.
Collins & Corbin, of Jersey City (Edward A. Markley, of Jersey City, of counsel), for appellant.
Andrew J. Whinery, of Newark (Joseph G. Lyons, of Newark, of counsel), for respondent.
This is an appeal from a decree of the Court of Chancery.
The facts in the case are that the Equitable Life Assurance Society of the United States, the defendant below, issued a policy of insurance on the life of John J. McLaughlin the father of John Francis McLaughlin, the infant complainant. The contract of insurance provided that in case the insured should die as a result of an accident the insurance company would pay $2,000. The assured's death was caused by an accident. The policy had attached to it and as part thereof an agreement therein called the "Educational Fund Agreement" for the benefit of the son, John F. McLaughlin, the infant, provided the said John F. McLaughlin was living at the time the policy became a claim. This agreement provided that the proceeds of the policy at the death of the insured should not be paid in a single sum, but should be held by the society and paid in accordance with the following table of installments over a period of four years in equal annual payments; and in the event of the death of the insured prior to the beneficiary attaining the age of eighteen years, the proceeds of the policy should be held by the society until the beneficiary reached said age and should then be payable in installments as aforesaid. It further provided that the society would pay interest annually on the amount so held at the rate of 3 per centum per annum and that any payments due under the contract after the death of the insured during the minority of the beneficiary were to be payable to Kathleen McLaughlin, the wife of the insured as trustee or her successor, in trust for the beneficiary.
John J. McLaughlin died leaving him surviving his wife, Kathleen McLaughlin, and two children, the infant complainant, who was then ten years of age, and a daughter, Sally Ann, who was then two years of age. The bill of complaint in the court below was filed asking...
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...trustees nor were they beneficiaries. They were contractual debtors to the annuitants named in those contracts (McLaughlin v. Equitable, etc., Soc., 112 N.J.Eq. 344, 164 A. 579; Marks v. Equitable, etc., Society, supra), and therefore the companies do not come within the meaning of said sec......
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