134 Ky. 215 | Ky. Ct. App. | 1909
Opinion of the Court by
— Affirming-
On August 10,1888 the Connecticut Mutual Life Insurance Company issued to Morgan D. Mclnerney a policy insuring Ms life in the sum of $2,000 in consid
The policy is verbatim the same as that before us in Townsend v. Townsend (Ky.) 105 S. W. 937. 127 Ky. 230. In that case, Townsend, the insured, had designated himself in the application as the person to whom the surrender value was to be paid, and, after he had paid all the 'premiums on the poficy, made a general assignment for the benefit of his creditors, by which he conveyed to his assignee all his property, including dioses in action and other demands. The •assignee demanded the surrender value of the policy at the expiration of the next 5-year period, and his demand being refused, brought a suit, which was dismissed by the circuit court, and on appeal to this court the judgment was affirmed. There is no distinction between that case and this, except that here there was an .assignment of the policy, which on its face purports to have been made in consideration of $1,200, and there, there was an assignment of all the debtor’s property, including his choses in action and demands for the payments of his debts. We cannot see that there is any distinction between a specific .assignment of the policy and a general assignment which includes it. The opinion in that case is not rested upon any such ground. It rests upon the ground that the power of Mclnerney to terminate the policy and take its surrender value is a mere power, which he might exercise himself, but which he could not transfer to another; that the beneficiaries in the policy, the wife and children are entitled to its proceeds, unless the power to terminate it is exercised by the person in
We are referred to decisions in other states reaching a different conclusion, but the question in this state is concluded by the case referred to.
Judgment affirmed.