59 Neb. 124 | Neb. | 1899
The defendant in error, it appears, was on October 10, 1890, the owner of an endowment limited payment policy of insurance on his life issued by the Mutual Life Insurance Company of New York, of date March 8, 1886. The annual premium of $539 had been paid for each of the years the policy had been in existence, and on the date we have first mentioned was assigned to the plaintiff in error as security for the payment of $570.50, the amount of a loan then made by him to the defendant in error. It was alleged in a petition filed in this action that the plaintiff in error on June 28,1892, sold and converted the policy to his own use. The contention for the defendant in error was and is that the policy was but pledged, and the sale by the pledgee worked a conversion. For the other party it was and is asserted that the policy was so assigned and under such conditions that prior to the sale his ownership had become absolute. A trial of the issues resulted in a judgment for the petitioner, and his adversary has removed the case to this court by petition in error.
The questions argued relate to the sufficiency of the evidence to support the findings and judgment. On the issues of whether the policy had been pledged as collateral security merely or the transfer had been with stipulations of such a character that by lapse of time and other concurrent reasons it had become fixed and permanent the evidence was conflicting, and the apparent finding that the former was the fact was sustained by the-evidence and will not be disturbed. The sale of the policy ■ was without notice to the pledgor to redeem, and was wrongful and constituted a conversion.
The only further matter of controversy is of the proof of value of the policy. We will not discuss the competency of the proof introduced of the contents and con
Reversed and remanded.