(DOWNLOAD) "Smith v. Coleman" by Virginia Supreme Court " eBook PDF Kindle ePub Free
eBook details
- Title: Smith v. Coleman
- Author : Virginia Supreme Court
- Release Date : January 05, 1945
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 58 KB
Description
Elmer G. Heflin, who was engaged in many business enterprises in and near the city of Fredericksburg, Virginia, purchased $100,000 insurance on his life from the Northwestern Mutual Life Insurance Company of Milwaukee, Wisconsin. This insurance was evidenced by two policies, each dated March 18, 1924, one for $25,000 and the other for $75,000. Both named Bessie U. Heflin, his sister, as the beneficiary. On August 1, 1934, Heflin exercised the right reserved in the insurance contract by changing the name of the beneficiary in the $25,000 policy from Bessie U. Heflin to Ruby S. Burton. Heflin was indebted to several parties. Among them was the Northwestern Mutual Life Insurance Company, from whom he had borrowed $5,311 on the smaller policy. Later he borrowed $65,000 from the Farmers and Merchants State Bank of Fredericksburg and paid his other creditors, including the Northwestern Mutual Life Insurance Company. To secure the $65,000 note, Heflin assigned, as collateral, first mortgage bonds valued at $10,000 and the two policies on his life. Ruby S. Burton and Bessie U. Heflin, the beneficiaries in the policies, joined in the assignment of the respective policies. Heflin continued to pay the premiums on the policies until his death on July 13, 1941. Most of his estate, appraised at more than $200,000, was bequeathed and devised to his sister, Bessie U. Heflin.
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