155 Ga. 119 | Ga. | 1923
(After stating the foregoing facts.) The court below, to whom the case was submitted on the pleadings and agreed statement of facts, held and ruled that the assignment and transfer of the policy involved in this case by the assured to his creditor transferred title in the policy to the latter as security for the indebtedness due him; and thereafter, it appearing that at the time of the death of Sprouse he was indebted to Skinner in a sum in excess of $5000, the amount of the face of the policy, the court held that the assignee or transferee of the
In the case of Steele v. Gatlin, 115 Ga. 929 (42 S. E. 253, 59 L. R. A. 129), it was said: “1. A policy of life-insurance is a chose in action, even before the death of the insured. 2. To vest the legal title to a policy of life-insurance in an assignee, it is essential that the assignment should-be in writing.” In the body of the decision we- find the following: “ A policy of life-insurance, being a chose in action arising upon a contract, may, under the provisions of our code, be assigned so as to vest the title in the assignee. Civil Code, § 3077 [1910, § 3653]. But such assignment must be in writing. Turk v. Cook, 63 Ga. 681; Planters’ Bank v. Prater, 64 Ga. 613; Hartford Fire Ins. Co. v. Amos, 98 Ga. 533, 534, and cases cited. The code provisions
See, in this connection, the case of Grenville v. Crawford, 13 Ga. 355. In the case of Atlanta Savings Bk. v. Downing, 122 Ga. 692 (51 S. E. 38), the right of an assignee of the life policy was involved. One Downing was an assignee. In the case it is said: ''It is clear that Downing had legal title to the policies by virtue of his assignment. Liverpool Ins. Co. v. Ellington, 94 Ga. 785. Downing informed the insurance company what was the extent of his inter están the policies. He had a right to control the amount due on the policies, and to be first reimbursed therefrom. He consequently had a right to direct the company to retain the amount ’due him, or pay over that sum to him, before the balance of the amount due on the policies was paid to Beach. . . It was the plain duty of the bank, before making the loan to Beach, to make inquiry of Downing to see if he had been paid. Knowing that Downing had legal title to the policies under his assignment, it knew that Beach could assign to it only such interest in the policies as he had after Downing was paid.” Other cases supporting the rule Mid down might be cited, but we do not think it necessary; for we look to the plain terms of the
We are of the opinion that the assignment as here written, which contains the words, “ so far as his interest shall appear,” has the same effect as a written transfer or assignment not containing these words. The law itself would have written this stipulation in the assignment. The written assignment of the policy involved in this case contains the words, “assign and transfer . . my right, title, and interest in,” etc.; and those words, in connection with the provision contained in section 3653 of the Code, that all choses in action arising upon contract may be assigned so as to pass the title to the assignee, are controlling in this case, and the judge below properly so held.
The ruling made above is controlling in both of the cases stated above, and under it the .judgment is
Affirmed.