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PHILADELPHIA LIFE INSURANCE CO. v. CROSLAND-CULLEN CO.

No. 7161.

234 F.2d 780 (1956)

PHILADELPHIA LIFE INSURANCE COMPANY, Appellant, v. CROSLAND-CULLEN COMPANY, Appellee.

United States Court of Appeals Fourth Circuit.

Decided May 28, 1956.

Attorney(s) appearing for the Case

Julius C. Smith, Greensboro, N. C., and David E. Henderson, Charlotte, N. C. (Harrell Pope, Greensboro, N. C., Charles J. Henderson, Charlotte, N. C., Smith, Moore, Smith & Pope, Greensboro, N. C., and Henderson & Henderson, Charlotte, N. C., on the brief), for appellant.

William H. Abernathy, Charlotte, N. C., for appellee.

Before SOPER and DOBIE, Circuit Judges, and THOMSEN, District Judge.

THOMSEN, District Judge.

This case turns on the validity of an assignment of a life insurance policy by the beneficiary, a North Carolina corporation engaged in real estate development.

In 1947 defendant insurance company issued a $25,000 policy on the life of David B. Crosland, president of plaintiff corporation, which was named beneficiary. In October, 1950, this policy had a cash value of $799.24 in excess of a policy loan of $1,795.00. The only stockholders...

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