Rinn v. New York Life Ins. Co., 6025.
| Decision Date | 04 May 1937 |
| Docket Number | No. 6025.,6025. |
| Citation | 89 F.2d 924 |
| Parties | RINN v. NEW YORK LIFE INS. CO. |
| Court | U.S. Court of Appeals — Seventh Circuit |
John E. Owens and Thomas L. Owens, both of Chicago, Ill., for appellant.
Homer H. Cooper, Wendell J. Brown, and George A. Reilly, all of Chicago, Ill., and Louis H. Cooke, of New York City, for appellee.
Before EVANS, Circuit Judge, and BALTZELL and BRIGGLE, District Judges.
The narrow and interesting question presented upon this appeal is the right of the administrator of an annuitant, who died a few years after the issuance of the annuity policy, to recover the balance of the premium not consumed in payments to annuitant during his life. The appeal is from orders sustaining appellee's motion to dismiss certain counts in appellant's separate action in chancery and at law. The action was begun in the state court and removed to the Federal court.
The Facts. Appellee, on May 21, 1930, issued to appellant's intestate an annuity policy in consideration of a single premium payment of $48,794.40. It paid insured $300 per month from June 14, 1930, until April 14, 1934, or a total of $14,100. This left a difference of $34,694.40 between the amount of the premium received and the annuities paid. The insured's administrator, the appellant, seeks to recover this amount with interest. The District Court sustained a motion to dismiss the causes of action in equity and at law.
The annuity contract is herewith set forth in full:
"New York Life Insurance Company A Mutual Company Agrees to Pay
to Maurice B. McCarthy during the lifetime of said Maurice B. McCarthy, the Annuitant, An Annuity of Thirty-six Hundred Dollars payable in equal Monthly payments of Three Hundred Dollars each; the first payment to be made on the Fourteenth day of June Nineteen Hundred and Thirty if the Annuitant is then living, and subsequent payments on the Fourteenth day of Each Month in every year thereafter, said Annuity terminating with the last Monthly payment preceding the death of the Annuitant. No proportionate annuity payment will be made to the day of death of the Annuitant.
(a) Appellant contends that the annuity contract contemplated a particular reserve of the amount of insured's premium, the balance remaining therein to belong to assured's estate on his death — if such were not the case, the contract would be lacking in mutuality and would be fraudulent and void.
(b) Appellant also...
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