121 Ga. 254 | Ga. | 1904
The parties were having constant dealings, so that it was uncertain what would be the balance due at the time of the debtor’s death. In 1875, therefore, G. W. Conway transferred his life policy to T. D. Caswell " as collateral . '. to the extent of such interest as he [Caswell] may have when said policy becomes a claim.” T. D. Caswell died in 1887. G. W. Conway-died in 1903. His heirs insist that the debt secured, having become' barred before the death of Conway, could not, under the Civil Code, §3433, be paid by his representative; that the debt did not exist, and therefore by the very terms of the transfer neither the estate nor transferee of Caswell had any “ interest ” “ when the policy became a claim.”
Of course, in all cases where a mortgage has been foreclosed or a debt has been charged by decree on specific property, lapse of time may be considered, in connection with the situation of the parties and all the other circumstances, in determining whether the debt so charged has not been paid. Milledge v. Gardner, 33 Ga. 397.
Judgment affirmed.