[DOWNLOAD] "Worthen Et Al. v. Burgess Et Al." by Supreme Judicial Court of Massachusetts " eBook PDF Kindle ePub Free

eBook details

Title: Worthen Et Al. v. Burgess Et Al.
Author : Supreme Judicial Court of Massachusetts
Release Date : January 02, 1930
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 65 KB

Description

CARROLL, J. The John Hancock Mutual Life Insurance Company issued a policy of insurance on the life of William H. Burgess in the sum of $20,000, payable to Ethel M. Burgess, his wife. On May 26, 1925, she assigned her interest in the proceeds of the policy to Franklin P. Simonds by whose executors this suit is prosecuted. The assignment recited so far as here material that it 'is made as a protection to said Franklin P. Simonds against any loss of money in the Lexington Building Trust -- now or hereafter loaned -- either to said Lexington Building Trust or to the said William H. Burgess by the said Franklin P. Simonds.' On July 28, 1928, a few days before the expiration of the policy, it having been issued for the term of ten years, a new policy for $11,000, and two other policies were issued, aggregating $20,000. On July 30, 1928, an assignment of the $11,000 policy was made to Simonds by Mrs. Burgess 'as protection to said Franklin P. Simonds against any loss of money in the Lexington Building Trust -- now or hereafter loaned' to the trust or to Burgess by Simonds. No money was lent either to Burgess or to the trust company by Simonds on the day of the assignment of July 30, 1928, or thereafter. In the superior court a decree was entered for the plaintiff. The case is in this court on the appeal of the defendant Burgess, who will hereafter be referred to as the defendant. The main contention of the defendant rests on the construction of the words 'now or hereafter loaned.' She contends that the word 'now' means the time when the assignment was executed; that it did not protect the assignee for past loans and as no loan was then or thereafter made the plaintiff cannot recover.